Financial Times , 1982, UK, English

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London CWl & Oty^Edhibuirfi,
Bdgtaa,J!ranc^ Holland,
Germany, Italy, Australia
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No. 28,822

PUBLISHED IN LONDON AND FRXNKFURX

Monday July 12 1982

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NEWS SUMMARY

Opec conference fails Coal Board I BR may decide

GENERAL

BUSINESS

Artillery Heseltine -tO SgT66 Oil prices

battle

rages

f Ibu for

in Beirut councils

Israeli .and Palestinian forces in
Bel rat engaged in' one of ike
fiercest artillery battles of the
fighting yesterday.' In. Jeru-
salem, the Cabinet expressed
deep concern about the stale-
mate in diplomatic efforts to
persuade the PLO to withdraw
from the capital.

The trapped - guerrillas
responded to. heavy Israeli
bombardment • by -launching
mortar and rocket attacks bn
east Beirut, the first attacks on
the Christian half '.of the. city
in ‘the fighting. - Hack Page

Beirut prison was surrounded
by armed-- men, apparently
prisoners' relatives, who forced
the release of all 188 inmates,
and locked up the governor

World Cup

Italy beat. West Germany 3—1.
to win the final.

Joao Uavelahge, re-elected
president of the- international
football federation, j criticised.
Spain's organisation- of the
World Cup.

Arms talks end

The UN special session oh dis-
armament broke up in. discord,
adopting a report expressing
fears about the danger of
nuclear war but offering no
proposals for dealing with it
Back Page

Ulster poll date

Northern Ireland voters will,
elect a pew Assembly on
October 20, the first since the
collapse of the 1975 constitu-
tional convention. Page 4

Spadolini wins

Italian Premier Giovanni Spedo-
' lini won * vote of confidence
for his shaky coalition govern-
ment and committed it to intro-
ducing an urgent economic
package. Page 3 :

Gulf war claim -.

Iran said that, although Iraq
claims to : have withdrawn its
troops to the border, it still beld
large areas :of western Iran. .

Tank amok .’

A U.S. private stole a: tank from
his base in West Germany and
drove it through Mannheim,
causing damage worth DM 2zn
(£465.000). He drowned when
it plunged fnto he Neckar river.

Canberra home

SS Canberra, liner turned troop
carrier, was welcomed by an
armada of small craft and a
crowd of 50,000 as it returned
from' the south Atlantic to
Soulhampon. Page 3

Fighter downed

Somalia said it shot down an
Ethiopian MiG-23 jet fighter
attacking Galcaio, capital of the
northern Mudug region.

Minister charged

Malaysian Government Minister
Mokhtar Hashim was charged,
with four others, with shooting
dead a former speaker of ' a
Malaysian state assembly.

Bank curb call

More Government control over
the banking system, including
nationalisation of ..the big four

clearing banks, has been recom-
mended to the Labour Party
home policy committee.

Briefly - - -

Spanish painter Joan Mtrtt. S9,
relumed home e - ve

operations.

Two’ Hong Kdha-Mflcau hydro-
£nil ferries collided, killing two
. people and injuring «S.

Nine died when a van plunged
over a cliff in Sivas, east Turkey.

&% "■ ■ ■ —

+E ECU DWEROWE

I I

The rfur: shows the two constraints
on European Monetary System exchange
rates , The upper grid based on the
weakest currency in the system defines
I he cross tales tram which no currency
l except itm Ur a) may move more than
ocr coat . The lower chart givas
Cjch currency’s divergence from the
- ccntr.il ‘ate *' agamst tha Europosn
Ci itreney Urn: (ECU) itselt a basket
Ct European currencies.

CONTENTS

U.S. banking; A second

nasty surprise 1"

World petrochemical
market: The .problems that

won’t go away -■■■■

Week fa the Courts:
Deptford . — a vacuous
verdict i.. *
Mana gem ent: How Wilkin-
son Sword was trimmed

into shape 3

Technology: Diversification
in electronic com-
ponents .8

Editorial comment: Steel,
quotas and free trade;
IDA’S need for western

support 10

Lombard: A new policy for

the Fed 11

and production limits

BY RICHARD JOHNS, MIDDLE EAST EDITOR

• MR MICHAEL HESELTINE.
Environment Secretary, is argu-
ing in Cabinet for at least filbnL
to be added to the money avail-
able to. English local authorities
in 1983-84. Back Page

• GBI -is urging the Govern-
ment not to finance public
sector pay increases out of . the
contingency reserve. Back Page

• ROYAL COLLEGE of Nurs-
ing mebers are unlikely to ac-
cept the Government’s 7 per
cent pay offer,. Page 6

6 EDUCATION financing by
block grant, an idea being con-
sidered by the Cabinet, would
cost £2Jbn, adding 3p to the
basic rate of Income Tax or
4.3 percentage points to Value
Added Tax. Page 3

• CAR PRODUCTION in the
world's major markets will re-
cover, but the British motor in-
dustry wiH not share in the
benefits, says a report Page 3

• PLESSEY and BICC claim
lo have wpn over 55 per cent
of all British Telecom's con-
tracts for optical fibre systems ,
following "a new round of
orders. Page 3

• EEC has approved a 1350m
loan to Brazil, the largest
made to a none-member. lo fin-
ance the development of the
Carajas iron ore mining pro-
ject'

O ARGENTINA has announced
30 per cent salary increases for
the private sector. Page 2

• MERCHANT tonnage laid up
has readied a fcur-ycer high.

Pass 4

• GEC will pull out of its part
ia the rescue of AEG Teie-
funken. the West -German elec-
trical and electronics group, if
the workforce , continues its op-
position to the UK company's
involvement, said Lord Wein-
stbek, . GEC chief executive.
Page 14

• A FAIRLY quiet period for
the European Monetary System
enabled central banks in France
.and Belgium to reduce domestic
interest rates. The French and
Belgian francs remained well
above the D-Mark. The German
currency .was again the weakest
member of the system, slightly
below the Dutch guilder, but
recent experience suggests that
these are the two currencies
most likely to strain the upper
limits of Uie.EMS. Attention
was concentrated on the dollar
last week. It again touched re-
cord highs against several
European currencies.

f EMS July9, 1982]

.Art* *

Appattitawnt* 15

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Soifafog NetM.—. . .15
But' nun *• Olwy'-. 5

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Ghat* Information 3D. 2T

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Technology 6

TV and Radio 7

UK Naurs 3.4

Unit Tnnta 1*

Weather 22

World Scon. Ind. 2

World Stock Mfctt. 17

WefM Trade 2

ANNUAL STATEMSJTS
Flaming Unhramal

Inv. 12

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Powell Dufliyn — 15

•246 6026

THE CONFERENCE in Vienna
of the Organisation of
Petroleum Exporting Countries
was suspended without agree-
ment at the weekend — the first
time tbis has happened in re-
cent years.

The suspension will make it
more difficult for Opec to defend
its price structure and the $34-
-a-barrel reference price for
crude.

Opec has failed to agree on
how to enforce a limit on col-
lective output* of 17.5m barrels
per day (b/d), which is
considered necessary by most
members — at least for the next
month or so. Disputes over
individual production allocar
tions — and a contentious issue,
raised by Saudi Arabia,, over
the. differential to be charged
for premium African crudes —
upset hopes for agreement.

The organisation as a whole
has been forced ' to recognise
that its first production-sharing
agreement, reached only last
March, has fallen apart when
the oil market remains soft

The failure to agree resulted
from:

• Iran’s determination to in-
crease its exports of crude to
3m b/d as quickly as possible.
It is also continuing its refusal
to align its prices with the
official prices of other members.

• Libya's adamancy in dismiss-'
ing complaints that it was
exceeding the 800.000 b/d quota
it agreed to observe in March.
It claims a 1.2m b/d allocation.

• Algeria, Libya and Nigeria —
the three producers of high-
quality. ultra-light and sulphur-

free varieties — refused to agree
to a rise in the. differential
charged for their .oil. The
present $1.50 differential was
set in March, but Saudi Arabia
is demanding that it be raised
to $3.- The Saudis are threat-
ening to reduce the $34
reference price of their Arabian
light crude, the Opec market
price, in retaliation.

Only twice, in the early
1960s. has an Opec conference
been suspended, although others
have failed to reach com-
promise. One experienced
official described the meeting as
"the “most politicised ever” as
a result of Iran’s demand for
an increased share of the
market at Saudi Arabia’s ex-
pense.

The general consensus was
that special allowance should
be made for Iran— and also
Iraq, when an end to their Gulf
conflict and a repair of its
facilities made that possible —
but any relief would have t»
await recovery, of demand for
Opec oil.

The expectation is that the
conference would be resumed
after the next meeting of Opec’s
monitoring committee, due on
August 24. By then, the four-
man ministerial committee and
its experts will have studied the
market further. The hope is
that demand would have revived
sufficiently to raise the produc-
tion ceiling to accommodate
higher output by several
members.

Yet there are doubts as to
Whether that would be possible
soon because of uncertainty

over the rate at which inven-
tories would be run down in
consumer countries. As it was.
the monitoring committee last
week recommended to the con-
ference an extension of die ceil-
ing, and the economic experts ,
were in .favour of keeping it in ,
place throughout the third
quarter of the year.

The conference was marked ,
by . Iran’s particularly aggres-
sive stance, evidently fired by
Uhe miHtaiy dominance it re-
cently achieved over Iraq.
Tehran demanded that its quota 1
be raised, at Saudi Arabia’s ex-
pense. to 3m b/d. compared to
1.2m b/d set for it in March, i
That allocation was never 1
accepted by Iran. 1

Iran’s recent production —
officially a military secret — is
reckoned by other members to
be at least 2.2m b/d. Other oil
industry experts put it at as
much at 2.5m-2.6m b/d, with
up to 2.1m-2.2m b/d exported
at prices $3-$6 per barrel less
than the Opec structure price
based on the $34 reference.

There are doubts whether
Iran could maintain an output
of much more than 2.6m b/d
until essential service or
maintenance, neglected since
the revolution, has been done. 1

Iran’s hostility to Saudi
Arabia could be measured by
the venom . shown by Mr
Mohamed Gharari, its Oil
Minister, when talking to
reporters yesterday. He warned
of “ dangerous consequences "
if Iran were deprived of what
Continued on Back Page

Italian banks agree to
rescue Banco Ambrosiano

SY JAMES BUXTON IN ROME

SIX ITALIAN public- and
private-sector . banks have
agreed to make funds available
to meet the needs of Banco
Ambrosiano, ’ whose ex-
chairman, Sig Roberto Calvi,
was found dead hanging from
Blackfriars Bridge in London
on June 18.

The rescue operation was pot
together, in. a meeting which
lasted until the early hours of
Saturday, by Sig Carlo Azeglio
Cimpi. Governor of the Bank
of Italy, and Sig Nino
Andreatta, the Treasury Minis-
ter. .

The banks have given assur-
ances that they will imme-
diately make available funds to
meet the short-term require-
ments of Ambrosiano. Italy's
largest private bank, and have
also said they null act to
guarantee the interests of depo-
sitors and the continuity of
lending.

The six banks are the state-
owned Banca Nazionale del
Lavoro. Instituto MbbHiare
Italiano (IMI) and Instituto
San Paolo di Torino; and the
three private-sector banks,
Banca Populare di Milano.
Banca San Carlo di Brescia, and
Credito Bergamasco. The
private banks are all based, like
Banco Ambrosiano. in Lom-
bardy.

At the time of Sig Calvi’s
death, he having disappeared
in Italy a week earlier, the
Bank of Italy and the Treasury
appointed three commissioners
to run and investigate the
affairs of Banco Ambrosiano.

Their activity has concen-
trated on identifying and trying
to cover, the overseas exposure
of the bank, was to the extent
of $1.4bn and in the form of
loans by Banco Ambrosiarro’s
banking subsidiaries in Latin

America to otter companies for
unspecified purposes. The
money to make the loans was
borrowed on the Euromarket It
was a request by the Bank of
Italy to explain the exposure
that apparently precipitated the
flight of Sig Calvi. *

It now appears that the total
exposure of the bank, not
covered by the bank’s own
funds, amounts to a little less
than $lbn.

The Bank of Italy’s initiative
with the six banks appears to
supersede a move by the Associ-
ation of Italian Banks (ABI),
which organised on Friday
morning a meeting of about 20
banks with the commissioners
of Banco Ambrosiano. These
banks declared themselves will-
ing to help in principle.

The six .banks will immedia-
tely make available stand-by
credit to assist Banco Ambro-
Contmned on Back Page

says pay
rises will
depend on
productivity

By John Lloyd, Labour Editor

THE NATIONAL COAL
Board will respond to the
mineworkers’ pay claim by
telling them that wage in-
creases for the coming year
most be based largely on
productivity improvements.

This position, which the
board is determined to uphold
in face of the militant posture
taken by the National Union
of Mineworkers, is certain to
lead to further loss of jobs
In the industry, since the
market for coal is unlikely
to pick up. and stocks remain
dangerously high.

Some 18.000 miners have
left the industry in the past
two years.

The NUTS pay claim Is
likely to be formulated at a
meeting of its executive on
Thursday, following the deci-
sion of its annual conference*
in Inverness last week to
demand a rise of £2720 — 31
per cent — in surface workers’
pay, with the sanv flat rate
increase for all other grades.

That conference made dear
that the leadership saw pro-
tection of jobs, and thus
militant opposition to pit
closures, as even more
important than wages.

The NCB response is thus
bound to aggravate the
strained relations between it
and the NUM executive,
especially Mr Arthur Scargill,
the president

However, the Board has
little room for manoeuvre. It
already has 81 per cent of
the eleetrldty market, and
can increase that only
marginally.

It has won some new
customers in industry, but
finds others wary of the
NUSTs new president, and of
security of supply; and it
finds it all but impossible to
'compete successfully in
export markets against
heavily subsidised Polish
and other coal.

It also sees itself as ham-
pered by the jack of dialogue
between the union and itself
since Mr Scargill took over
in April.

Discussions on further In-
vestment broke down last
ntontir over the issue of a
dosnre list, which Mr Scar-
gill says exists and the NCB
denies, bnt the NCB is des-
perately anxious to get round
the table once more. .

It believes it has more in
common with Mr Scargill
than has been evident, in-
dueling a belief that miners
must stay at the head of the

Continued on Back Page

tomorrow to
shut rail network

BY BRIAN GROOM, LABOUR STAFf

BRITISH RAIL’S chances of
achieving a “ considerable
increase ” in train drivers
reporting for work this morn-
ing appeared slim last night.
Without this increase the rail
board may decide tomorrow to
shut the network or sack all
striking drivers.

Mr Ray Buckton. general
secretary ‘ of the Associated.
Society of Locomotive Engin-
eers and Firemen, said Aslef
branch meetings throughout the
country yesterday showed
strong support for continuing
the week-old strike over flexible
rostering.

’* We have not got one branch
yet that has changed its mind
from one of absolute solidarity
with the union,” he said. Most
votes were unanimous.

There was little independent
corroboration for Mr Buckton’s
claim but other Aslef officials
suggested the mood was
hardening for two reasons. One
was anger over the sacking
ttreat and the other was
support for Aslef in weekend
speeches by Mr Michael Foot,
the Labour Party leader, and
Mr Albert 'Booth, shadow
transport secretary.

The party leadership’s deci-
sion to back Aslef carries some
risk of splitting the labour move-
ment.

Mr Sidney Weiehell, general
secretary of the National Union
of Railwaymen, attacked Mr
Foot yesterday. “The job of
the leader of the Labour Party
is to look at the facts before he
makes a statement.’’

Mr Foot, in part of a speech
prepared for the Durham
miners’ gala on Saturday — a
section he did not deliver —
said the British Rail hoard had
shown an “ extraordinary desire
to pick a fight.

»• “First it; was with tte NUR.
Now it is with Aslef. Aslef
offered a sensible way out of
the problem, but the board
with the Government pushing
them, were adamant they would
have a strike and got one.”

Mr Waller Johnson. Labour
MP for Derby South and a past
president of the Transport
Salaried Staffs Association, the
wbitecoUar rail union, said Mr
Foot’s comments were “totally
irresponsible.”

“ He has not taken the trouble
to get the facts. If he had, he
would know that Aslef had no
case to go on strike, and by his
comments he is encouraging
Aslef members to remain on
strike, with all the damage this
will do to the industry.

“ I would remind him that at

the last general election Labour
lost every marginal seat in the
commuter areas in and around
London, and one of the prin-
cipal reasons was the way that
commuters were being messed
about with their train services

into London," Mr Johnson said.

Sir Peter Parker. British Rail
chairman, said of Mr Foot's
comments: “The British Rail-
ways Board has never needed
politicians of any colour to tell
it how to run a railway."

The rail board gave no indi-
cation yesterday of how many
more drivers it was looking for
today. However, its “consider-
able increase ” is likely to mean
many more than the 700-800 at
the end of last week.

The board denied it had a
figure of 5.000 in mind. It said
it would take into account the
level of services being operated.

The week-end figures were
not readily comparable with
those for week-days, and those
gave no easy guide to the trend.
Up to 4 pm yesterday, 464
trains had been run during the
day. Eastern Region ran 118,
and Southern 227.

Scotland ran nine passenger
and three freight trains.
Western cancelled all services.

By 4 pm 198 drivers (60
NUR. 138 Aslef) had been
reported at work but Southern
was not included in the figures.

Some 290 were expected
across the network for the day
and the number appears to
have stabilised at roughly 4 to
4.5 per cent of those rostered
for work.

It was difficult to tell whether
Friday’s small reversal of the
slow drift back to work had
continued.

British Rail suggested that - a
number of Aslef members at
branch meeings yesterday may
have wanted a delegate con-
ference recalled.

Mr Buckton said the union’s
London headquarters had
received some requests for a
recalled conference but they
came from people wanting to
affirm the union’s action.

“At the momentt here is no
necessity to recall conference
unless there is a change of Heart
on the part of British Rail,” be
said.

There seems little chance of
that. If insufficient drivers turn
up today to induce British Rail
to keep running a service and
ask the Government to restore
the £15.5m-a-week obligation
grant, the board may decide to-
morrow to sack all 24,000 Aslef
strikers and re-employ them
only if they accept flexible ros-
tering.

U.S. economy ‘to grow 4-5%’

BY ANATQLE KALETSKY IN WASHINGTON

THE Reagan Administration is
due to publish this month an
official forecast for U.S.
economic growth of 4 to 5 per
cent annually from now until
the end of 1983.

Officials who disclosed the
general outline of the mid-year
economic review have conceded,
however, that they ma ybe over-
optimistic.

Independent projections of
growth over the next 18 months
are mostly in the 2 to 4 per
| cent range. The Organisation
of Economic Co-operation and
1 Development last week forecast
growth in the U.S. of only 2.4
per cent during 1983.

Some Administration officials
have suggested the mid-j’car
forecasts are relatively bullish
for political reasons— so as not
to aggravate the fears of grow-
ing budget deficits in the year
ahead.

The mid-year review is pre-
pared by the President’s Coun-

cil of Economic Advisers and
the Office of Management and
the Budget

In addition to growth esti-
mates of between 4 and 5 per
cent for the six quarters from
mid-1982 to the end of 1983,
it is expected to show the infla-
tion rate at about 6.5 per cent
throughout the period (as
measured by the gross domestic
products deflator).

' Unemployment will be pro-
jected to drop from 9.5 per
cent to just over 9 per cent at
the end of 1982 and an average
of about 8.5 per cent in 1983.

The ' mid-year review is
required by law to help with
Congressional budget planning.
Normally ir should be published
by July *15 but this date is un-
likely to be met. The forecasts,
leaked over the week-end, may
still be revised.

The Administration's esti-
mates of interest rates over the
next 18 months have not been

revealed yet but are believed
to - be in line with the projec-
tions agreed between the White
House and the congressional
budget committees earlier this
year. These call for sharp falls
late in 1983 and in 1984 but
relatively modest declines
before then.

Mr David Stockman, the
White House Budget Director,
in a magazine interview pub-
lished yesterday, significantly
gave late 1983 or early 1984 as
the time the nation could
expect to enter “ a long period
of prosperity with less than 5 ,
per cent inflation, felling
interest rates and declining
unemployment.”

■' He said the 1 Administration :
was working on further big cuts
in the budget deficit for the
I9S4 fiscal year but ruled out ,
reductions in defence spending !
or incerases in taxes to achieve 1
this.

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Underwriters also face years
of litigation as individual court
awards over liability cases are
untangled.

London underwriters esti-
mated that their overall loss on
the aircraft hull could be about
$7m. '

Up to 13 per cent of the hull
insurance is thought to be
placed in_ London and the re-
mainder in world markets.

Of the amount placed in Lon-
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risk is believed insured at
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By far the largest part of
claims will arise from the
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Spadolini re-establishes
tenuous unity of coalition

BY /AMES BUXTON IN ROME

SIG GIOVANNI SPADOLINI.
the Italian Prime Minister, suc-
ceeded this weekend in re-
establishing a tenuous unity in
his coalition government and
committing it to the early intro-
duction of an urgent economic
package.

The vote of confidence which
his Government won in the
Senate on Saturday ended a 10-
day political crisis which could
have brought down the one-year-
old administration. But trouble
could break out ag3in if the
economic package is not
launched by the deadline of
July 31 w/vich the Prime
Minister has Imposed.

The crisis was caused by a
deep split between the Christian
Democrats and the Socialist* in
the coalition over the issue of
tactics in achieving a reduction
in the effect of the Sea la Mobile
wage-indexation system. But
it reflected deeper divisions
between the two parties on
economic policy.

Sis Spadolini responded with
a speech to parliament last
Thursday in which he called for
the commitment of his Govern-
ment to an economic package
to cut the exploding government
deficit, and to an end to inter-
party bickering as a pre-con-

teias#* •

iHpHKf

:A ;

Slg Spadolini

dition for his continuing in.
office.

Though the speech was con-
sidered closer to the Socialists
than to the Christian Democrat
position— -it promised action on.
the Scala Mobile but it would
be dependant on agreement with
the trade unions — the Christian
Democrats agreed to support the
Prime Minister, on condition
that -the July 31. deadline be-
raet.

A formal vote of confidence
bad not been expected, but was
chosen as a means of avoiding
a potentially risky secret ballot
on a subsidiary motion, as bad
been requested by the Com-
munist Party.

Sig Spadolini, of the tiny
Republic Party, has tiius once
again demonstrated his tactical
skill against the leaders of the
two major parties in his coali-
tion, neither of whom felt it wa3
opportune ro bring down the
government - - --
. But there could be further
disagreement in the next three
weeks as the economic Ministers
work on the package intended
to cut some LS.OOObn (£3.Sbn)
— LlO.OOObn from the govern-
ment borrowing requirement for
this year — which if Tincorrected
is expected to overshoot its
target of L50,000bh by more
than Llfi.OOObn.

• The package is expected to
include rises in tariffs, cats in
spending and the raising of
VAT. But the crucial issue will
be the implementation of Sig
Spalollnl’s declared, intention of
altering . the basket on which
the Seals Mobile index is - based
so that tax increases are not
reflected in higher wages under
the indexation system.

UN arms talks end in discord

BY OUR UNITED NATIONS CORRESPONDENT

THE UNITED NATIONS special
session on disarmament has
broken up in discord and frus-
tration. unable to overcome the
negative influences of the
world's political situation.

The General Assembly
adjourned on Saturday night
after adopting a report that
expressed the . 157 members'
" profound preoccupation " over
the dangers of nuclear war, but
offered no concrete proposals
for dealing with it.

A draft comprehensive pro-
gramme for disarmament,
littered with alternative formu-
lations and bracketed phrases
indicating the areas of disagree-
ment was referred to the Com-
mittee on Disarmament with a
request that it produce a
revised text for consideration by
the Assembly late next year.

The meagre results of five
weeks ' of public debate and
intense private bargaining drew
criticism from Mr Ismail Kittani
of Iraq, the president.- “We
canot be proud- of our achieve-
ments here," he said. “ They
were too few and too' insub-
stantial.’*

Mr Kittani said much of the
fault lay in the fact that the
session took place during “one
of the most disturbing junctures
In International relations” — an
allusion to . the .Falkland*,
Lebanon, Gulf and other con-
flicts and East-West tensions.

He said the UN could not
insulate Itself from the general
climate end produce miracles.
He urged the international com-
munity to temper its “ justified
feelings of disappointment and
frustration- " with a rededicalion

to the need to prevail upon
governments to follow policies
That enhanced rather than
threatened security.

Mr Oleg Troyanovsky, the
Soviet representative, said the
VS. and Its Natalities, whose
Bonn s ummit meeting coincided
with the first phase of the
session, were responsible for its
negative outcome. For the U.S.,
Sir Edwin Feulner said the
Communist side was to blame
for the climate of mistrust. He
mentioned the Soviet invasion
of Afghanistan, Communist
involvement -in regional conflicts
and subversion in Central
America and Africa.

In the most outspoken criti-
cism. Mr Natarajan Krishn.au of
India called the session a com-
plete failure

OVERSEAS NEWS ■

ussian James Buchan witnesses the bombardment of the' southern suburbs

pelh !®„ Israeli fire rains down on Beirut

Russian
pipeline
pump ‘more
efficient’

A prototype gas turbine
pump, intended for use on
the controversial Siberian gas
pipeline to Western Europe,
ended its 200-hour endurance
test at the weekend. The
25-MW pump earned high
praise from Russian experts,
who claimed it was more effi-
cient than U.S.-designed
pumps originally ebosen for
the project, according to
agency reports from Moscow,

The chief designer at the
Nevsky Zavod factory In
Leningrad, where the pumps
are being made, claimed it
was “on a par with . . .
machines made under General
Electric licence, as regards
productivity and reliability,
and even better as far as
efficiency is concerned."

Russian factories have
launched crash programmes to
build vital components for the
4,465-KM pipeline, badly hit
by U.S. sanctions. A senior
Soviet commentator, Mr
Vitaly Matveyev, said in the
government newspaper

Izvestia yesterday: . “Our
answer to Washington is the
determination to manufacture
ail the neeessary equipment
. for the pipeline.”

EEC Ministers in
talks on recovery

BRUSSELS — -European Com-
munity Finance Ministers
meet today to seek new ways
to boost investment and cut
the jobless queues. Mr Ivar
Noergaard, the Danish Fin-
ance Minister wQl.be urging
his colleagues to agree on
concerted action to divert
more cash Into Industry to
nurture Europe's slow em-
ergence from recession, diplo-
mats said. Reuter

ANC seeks support

MAPUTO — The African
National Congress will ask
next month’s summit of the
Organisation of African Unity
to oppose South Africa’s
transfer of black tribal areas
to Swaziland, the ANC
General Secretary said over
the weekend. South Africa
has agreed In principle to
cede two tracts of land to
Swaziland In a deal that
would make lm blacks Swazi
citizens and has sparked wide-
spread opposition in South
Africa. AP

ISRAELI forces on the southern
and south-eastern rim of West
Beirut kept up a bombardment
of the southern suburbs yester-
day morning, after a weekend
of almost the heaviest artillery
fire since the Israeli siege of
i Beirut four weeks ago.

From a vantage point in a
seafront block of flats at
! Rouche, amid the fake Louis
Quinze sofas and bric-a-brac of
some vanished household, 1 saw
Israeli forces firing from the
hills around Choueifat and from
the shore at Khalde, both about
nine miles away.

In the space of 45 minutes,
the pine-dad hills sparked with
constant flashes and, seconds
later, smoke and earth erupted
upwards in the suburbs of
Fakhani or Ramlat al Baida.

At one point, a phosphorus
shell sent up an immense cloud
of ochre smoke and flame in
Fakhani, the almost deserted

embassy quarter between
Ramlat Al-Baida and the sea.

On Ihe seafront, two miles
from me, there is a hotel called
the Summerland, where spec-
tacular women used to laze all
Sufiday by the swimming pool
talking of European capitals.

Yesterday, it. was burning
fiercely, the Israelis clearly
believe that there is a Palestin-
ian position in the garages
beneath the shattered hotel.

At one moment, a battery of
rockets — presumbaly captured

Palestinian Katuyshas— soared
upwards from Khalde and then,
losing height rapidly, smashed
into the spur of sand jutting
out from the hotel.

During these 45 minutes, the
only certain outgoing response
from the city was a salvo of 12
rockets from a position several
streets away from me. Accord-
ing to my companions, these
overflew Khalde and most
landed helplessly in the sea.

But it was clearly now pru-
dent to leave where we were.
The morning was too hazy to
make out if Palestinian fire was
reaching the hills. ;

According to the Beirut
police, some 50 people were
killed in the bombardments of
Friday and Saturday. Corres-
pondents who visited the three
major hospitals on. Saturday
reported that doctors beHeved
515 people had been killed in
West Beirut since the beginning
of the invasion, and 2*!Q0
injured.

This does not include those
who do not admit themselves
or those buried in buildings.
These figures are higher than
the Israeli claim for the entire
country. Admittedly, the areas
shelled yesterday morning are
empty except for well-dug-in
fighters and <the very poor.

However, as a Palestinian
doctor said last week: “ I'm not
doing much now, but when the

bombardment starts, the whole
hospital bleeds.” Hi* eatiinate .
was 50,000 for the Civilian pnpu- ,
lation of these southern quarters .
being shelled.

The Israelis are keeping tip
their rather intermittent
blockade, although three trucks s
of flour and - blankets were
permitted through the port on

Relief officials say that
supplies of medicine are
adequate, but Israeli officers
are being extremely difficult •.
about fuel oil. without which
no hospital in West Beirut can
supply its generator. t

As for food, this is becoming

increasingly scarce despite the
efforts of the Lebanese private
sector. Eggs have disappeared. •
In the south of the town, people !
are going hungry — not for
shortage of food but for lack ,
of money to pay the higher i
prices.

Argentine private sector gets 30% wage rises

BY JIMMY BURNS IN BUENOS AIRES

THE ARGENTINE Government
over the weekend announced
across-the-board salary increases
for private sector employees of
30 per cent — the latest in a
series of measures aimed at
Sim ulating domestic production
and pulling Argentina out of its
worst recession in more than
15 years. Wage increases of
between 20 and 30 per cent were
recently granted to state
employees.

There was no immediate
reaction yesterday from the
unions to the Government move.
However, labour experts sug-
gested that the increases fell
short of the demands of Argen-
tine workers autd were no
guarantee against industrial
unrest.

Since the 1976 military coup,
wages have not kept pace with
the high cost of living, thanks
to the monetarist policies

applied by successive economic
ministers and the tight control
on union activities by the
military Government.

Sr Jose ' Maria Dagnmo
Pasture, the new Economy
Minister, last week distanced
himself from the predecessors
by announcing a major refia-
tionary package, inducting a
21 per cent devaluation of the
peso and regulations aimed at
keeping interest rates down.

French set pay guidelines

BY DAY1D HOUSEGO IN PARIS

THE FRENCH Government has
spelled out the basis of its 1
income policy for the public '
sector during the difficult period ’
following the ending of the i
prices and wages freeze on -
October 3L

The aim is to achieve a sharp i
slowing-down in wage settle- i
meats by the end of 1983 while ]
maintaining purchasing power 1
for those on average earnings, i

M Pierre Maurby,’ the Prime t
Minister, is to meet unions on t
Thursday in an attempt to win 1
their acquiescence to 18 months s
of wage restraint before the i
summer holidays get into full I
swing. 1

But the proposals he put on
Friday to the civil service —
where the level of settlements
will be critical in determining
the overall success of the policy
— received a hostile reception.

Senior Socialists, however,
claim that the public statements
of union leaders are misleading.
In support of their view that
the unions will accept tougher
measures from a government of
the Left, they point out that
that the wages freeze has not
been met with the street demon-
strations that dashed the milder
incomes restraint policy of M
Raymond Barre, the former
Prime Minister, in 1976.

In fact the only rowdy
demonstrations so far against
the prices and pay freeze have
come from groups of farmers
and employers in small scale
companies.

M Mauroy’s proposals for the
civil service involve quarterly
increases in bne with the.
anticipated inflation rate. The
government’s aim is to bring
this down to 10 per cent this
year and 8 per cent in 1983 after
the 14 per cent last year.

Such a system would mean :
ending the virtually automatic
indexation of wages that exists
now.

But -the measures have J
already generated a substantial !
price explosion which is •
threatening to wipe nut salary
increases, in real terms, before *
they have been formally
granted. The cost of living in
Argentina has risen by 43 per
cent over the past six months. •
while the consumer price index
shows an increase over the past
year of 125 per cent. j

Shultz to be <
quizzed on
foreign policy

WASHINGTON — Mr George :
Shultz wiiT break his self- ;
imposed silence on foreign '•
policy when he appears to- •
morrow before Senators con-
sidering his nomination as US. ;
Secretary of State. J

He has kept his counsel since j
his nomination and. as he has
had no job specifically devoted •
to foreign policy, bis views arc •
largely unknown.

Mr Shultz is sure to be asked
about his tie*, with BetcheJ, the
giant international construction
company, of winch he was presi-
dent until bis nomination.

Reuter

WORLD TRADE NEWS

Air Lidia loan helps
Lloyds Bank role
in aircraft finance

Move to improve import control systems

BY ALAN FRIEDMAN

LLOYDS BANK International
has received a mandate from
Air India to manage an $88m
syndicated loan which furms
part of a $19Sm package for the
purchase of three A-3U0 aircraft
from Airbus Indslrie.

The Lloyds success in winning
the mandate is seen by some
aircraft finance bankers as
another example of growing
competition being faced by
Midland Bunk, the UK desig-
nated bank agent for Airbus
finance. Last February, National
Westminster Bank and Bank of
America organised a $165m loan
for the purchase by British
Caledonian of three A-310 Air-
buses.

Midland's role is generally
associated with Che export
credit side of Airbus finance
and the bunk maintains that it
is not withdrawing from tile
market. On Friday Midland
said: “This Is a very competi-
tive market. It is not surprising
that Lloyds Bank has just done
its first Airbus deal, which does
not in any way alter Midland
Bunk's commitment to tiie
market.”

It is believed that Lloyds

Bank has offered Air India more
attractive management fees
than did Midland on (he 888m
loan portion. Midland, how-
ever, is involved in the 8110m
export credit portion.

The SSSin credit is understood
to involve an interest margin of
3 per cent above the London
Interbank Offered Rate (Libor)
for a 10-year period. There is
also a tax-sharing option for the
borrower, which would provide
a much lower spread over Libor.

Lloyds Bank stressed on
Friday .that final details of the
deal had not yet been worked
out. One major question is the
feasibility of the tax-sparing
proposal. The UK and Indian
governments are still discussing
the treatment of tax-sparing
provisions contained in -a -I
bilateral tax treaty, which came 1
into effect on April 1. There j
are also, legal questions related
to tux-sparing in the UK in
light of pending legislation.

It is nor known whether a
tax-sparing provision has been
offered on the $IlOm export
credit portion, but this too
would be subject to Inter-
governmental negotiations.

BY PAUL CHfXSBRIGHT, WORLD TRADE EDITOR

Risk cover for Chiba

THE U.S. Government has
offered political risk Insur-
ance to American companies
in China for the first time,
but China will not be able
to attract greater involvement
until it acts to improve the
investment environment, Mr
Craig Nalen, president of the
Overseas Private Investment
Corporation (Opic), said.

He said that offering the insur-
ance coverage for projects in
China was an attempt to ease

the way for U.S. companies
willing to do business there.
Now the Chinese needed to
do more to reduce difficulties
foreign investors face.

Opic is a U.S. Government
corporation designed to en-
courage private sector invest-
ment in llie Third- World. Its
main activity is in providing
political risk insurance,
coverage for loss of invest-
ment due to Government
expropriation or war.

AP-DJ

World Economic Indicators

INDUSTRIAL PRODUCTION; ...

% change ever Index "

previous

base' "

May *81

April *82

Mar *82

May HI

year

year

US.

14Q3

140.6

141.7

152.7

-8.1

7967=100

April ra

Mar *02

Feb ’82

April '81

W Germany

117.9

116.5

1173

116.6

+1.7

'1975=100

France

113-5

112.5

1123

1133

0.0

7975=100

Italy

124.6

1245

1263

1273

-2.1

7975 = 100

UK

104.4

7033

104.0

1003

+3.4

1975 = 100

Japan

149.1

1483

749.6

145.0

+2.8

1975=100

Mar *82

Feb -82

Jan >82

Mar’S!

Netherlands

1043

104.4

105.7

1094

—23 .

1975 = 100

Belgium

1043

1123

J20.6

1103

—33

1975=100

Source (except US.. Japan): Eurostat

TENTATIVE official steps are
being taken to bring the UK
system of import controls, both
at the public and private level,
under greater public scrutiny
bo that the costs and benefits
of protection may be more
readily assessed.

The moves are at an early
stage, but reflect a general
concern to come to terms with
a system which has grown up
haphazardly *and could affect,
as far as restrictions other than
tariffs are concerned, over 17
per eem of British imports.

Both the Department of Trade
and the National Economic
Development Council- are in-
volved in a movement down
parallel paths, the first examin-
ing the merits of public inquiry
into demands for official protec-
tion. and the second concerned
with studying economic effects
of protection.

But the attitude of the Con-
federation of British Industry
□nd the Trade Union Congress
. ranges from lukewarm approval
to hostility, making up a'
powerful lobby in favour of the.
status quo.

The work on the problem of
controls at this level is rele-
vant to the dehate about import *
safeguards both at the national
and international levels. -

-At home, the Labour Party

SHIPPING REPORT

has moved towards a trade
policy embracing a greater
degree of import restriction as
a means of fostering industrial
regeneration. This approach
effectively 1 breaches the gener-
ally bipartisan approach to-
wards trade that has existed
since World War XL

The Conservative Govern-
ment, on the other hand, has
tended to follow the tradi-
tional approach, best charac-
terised as open trade with
exceptions to cater for indus-
tries apparently unable to cope
with adjustment in. an open
environment. Textiles is the
obvious example.

At the international level,
the issue of import restrictions
Is arousing increasing concern
because of the proliferation of
unofficial restraint arrange-
ments outside the regulations of
the .General. Agreement on
Tariffs and Trade (GATT).

At the same time there is a
limping -debate within Gatt
about redefinition of The clause
in ' the agreement permitting
import restrictions provided
they are Universally applied. In
the late 1970s, the EEC mounted
a campaign to apply import
safeguards- selectively. The
issue-remains unresolved.

But the terras under which

Tanker market and dry
cargo rates continue fall

BY ANDREW FISHER. SHIPPING CORRESPONDS^

DRY CARGO rates last week On top of such factors as the
continued what shipbroking slowdown In Russian grain ira-
firm Denholm Coates called ports across the Atlantic the

„ , „ , European steel slump, and the

their dramatic and suicidal C0(nstallt arrival of new torra-

fall.'’ The tanker market, too a g Ci Denholm concluded that
remained gloomy. world trade must have suffered

Since the end of May, the a sharp drop over the past
rate ‘ for coal from Hampton three months.

Roads on the U.S. east coast to _ t? u, , .

Japan has collapsed from $17.50 Bassoe, (hi

a ton to $11.25 for Panamas
vessels, the largest size able to J n ° r i?,il he J
negotiate the Panama canal, “S. 1 bn ? f ra

. For the same size of ship,
the grain rate from the U.S.
Gulf to continental Europe is
now some $050, well down on
the $11.50 a ton of early May.
Time charter rates are also low.

Denholm Coates said such
rates were disastrous for any
owner. “They are only typical
of the distress right up and
down the size range." A large
number of vessels, though, not
as much as in the. tanker sector,
is bound to go into lay-up.

P. F. Basso e. the Norwegian
shipbrokers, said rates were
now down to the level of 1978
for large bulk carriers. ' Post-
ponements of new vessel
deliveries have had little effect,
apparently .making up only one
or two million deadweight tons
out of a - total bulk carrier order
book exceeding 20m dwt.

As the freight market has
declined, so have ship values
in the sale and purchase
market. A 65,000 dwt
Norwegian flag Panamas ship
built in 1973 would have
fetched some $l0.5m on the
second hand market in January;
last month, it .would have got
only ?7 bl

safeguards may be applied will
receive closer attention as the
preparatory work for the Gatt
ministerial conference in Nov-
ember moves ahead.

Against this background,
work is taking place within the
Department of Trade to ex-
amine the feasibility of estab-
lishing a body like the Inter-
national Trade Commission of
the U.S. This is an advisory
body empowered to investigate
allegations that U.S. companies
are injured by imports. Part of
the investigation involves the
holding of public hearings.

The present UK Government
has already thrown out the
idea of a new body, drawing on
the experience of the. UE. and
Australia “ to study ■ and pub-
lish the wider costs of any pro-
posed new protectionist
measure," as Mr Peter Ress,
the Minister for Trade, put -it
in a speech last month.

This chimes in with the in-
troduction. of new EEC proce-
dures for examining demands
by member states to introduce
import restrictions. These pro-
cedures also involve the holding
of public hearings.

Given the new element in
Government thinking about, as
the jargon has it, greater
“ transparency," in Inter-
national trade relations. It was

Taiwan scrapping up

Taiwan’s shipbreaking indus-
try produced 8.76m tons of
scrap metal from the dis-
mantling of 173 ships be-
tween July, 1981, and June,
1982, AP reports from
Taipei: shipbreaking volume
was up 3.24m tons, or 41 -
ships, from a year earlier.
Large oil tankers accounted
for most of the ships that
were scrapped. In M arch-
June this year. 99 ships were
scrapped for a total of 434m
tons.

Korean orders decline

Foreign ship orders received
by South Korean shipyards
in the first half of this year
dropped 67.3 per cent from
a year ago to 275,000 gross
tons, AP-DJ reports from
Seoul.

Arab shipping group '

A number of Arab coun-
tries will set tip a joint oil
shipping company with an
estimated freight capacity of
2.5m tons. Ageneies report
from Riyadh. Hussein Ibrahim
Al-Mansuri, the Saadi Minis-
ter of Communications, said
his country had decided to
participate in the $500m
Jeddah-based venture.

Lord CockfieH, Secretary of
State for Trade

not surprising that Lord Cock-
field, the Trade Secretary,
should at last week’s meeting of
the NEDC generally approve
the drift towards initiating
studies ctf industries affected
by protection.

The initiative for such studies
came from the Consumers As-
sociation. It wants ** a system to

monitor the costs and benefits
of voluntary export restraints
and other non-EEC arrange-
ments to restrict imports. The
aim would be to establish some
concrete evidence of the effects
of controls already in exist-
ence and a perspective on
whether they are worthwile."

There is bo agreement to go.
that far, but NEDC is now to
consult those interested — the
Department- of Trade, the CBI,
the TUC, the Consumers Asso-
ciation and so on— to establish
whether there might not be a
pilot study, pert>ap5 embracing
the - consumer electronics
industry.

But even a pitot study might
provoke hostility. The TUC is
against a case-by-case study of
controls feeling that this would
downgrade “forceful ' macro-
economic arguments in favour
of controls’’ "and concerned that
the Consumers Association
approach overlooks the long-
term benefits to wage earners
of introducing selective import
controls. :

And the CBI, while agreeing
the Consumer Association case
has some merit, feels it does not
deal with !The complexities of
the real world.”- It prefers the
current system; despite its
Imperfections.

Japanese to sell facsimile
machines to U.S. group

W RICHARD C. HANSON IN TOKYO

NEC, THE Japanese telecom-
munications and computer
giant, says it has received an
exceptionally large order to
develop and sell facsimile
machines to Federal Express,
in the U.S.

The company would not
reveal details of the contract
One report speculated that the
order could be worth nearly
YlObn (£23m). Federal Express
will use the machines as part of
an “electronic mail” system it
plans to start In 1984* -

NEC is one of the largest
Japanese makers of facsimile
machines. The annual growth
i in sales for the industry as a
whole has averaged over 30 per.
cent m recent years. Exports
from Japan last year were up
47.4 per cent lo Y222bn. .

NEC would only say that the
size of its contract with Federal
Express would . be the -largest-
on record.

• Agencies add: X group of
six Japanese steel makers have 1
reached basic agreement with

Iran’s Metal Procurement and
Distribution Committee

(MPDC) to. sell 210,000 tonnes
of steel products at an undis-
closed price for August-to-
October shipment. Renter
reports from 'Tokyo. Nippon
Steel- said this was the first
steel export contract with Iran
in 18 months. The contract
.with Iran follows the .recent
resumption of long-term can-
. tracts, between Japanese oil
importers and the National
. Iranian. Oil' Company.

• Argentina - has indefinitely,
postponed a. S2Q0m - project to.
expand steelmaking faculties
at a Mate-run steel . mill,
..Spmlsa. following economic
difficulties ‘after- • the . ‘ recent
Falkland’s crisis : - between
Britain and Argentina- . The
• postponement, affecting' ' an
order fora hot strfcmiH worth ■
about $125m, was communicated
to a- Japanes ■consortium,- the
Somisa . committee, organised
by, more than -50- Japanese.. con-_j
earns- including Nippon Steel ;

Complaint
on chemicals
intensifies
trade row

By Chris Sherweli In New York

HERCULES INCORPORATED,
the. only , manufacturer of
nitrocellulose in the U.S., has

- filed a complaint to the
Department of Commerce
and the International Trade
Commission over the alleged
dumping of industrial nitro-
cellulose' by the French
■government-owned company,
Societe N&tionale . des
Paudres et Explosifs
CSNPE).

Hercules argues that SNPE is
selling the chemical, which
is used in coating, lacquers
and finishes, at toss than a
fair market price, and urges
Siat anti-dumping duties be
imposed.

The company estimates that it
has some 70 per cent off the
U.S. market, which was worth
about . ?70m last year.
SNPE aud'tife Japanese are
its main competitors.

Hercules says that its nitro-
cellulose operations were
last profitable in 1980 when,
it says. SNPE began selling
industrial ' nitrocellulose at
low prices in the U.S.

The ITC now has 45 days to
make ;a preliminary Juds-
•; rment of whether there is “ a
reasonable indication of in-
. jury.” to -.-Hercules. The
Department * of Commerce
must judge .whether any
•dumping has - in fact occur-
red. Final determination oF
the case will then be made,
probably ia the autumn.

Hercules, based in Wilmington.
Delaware, produces a broad
range of basic chemicals, in-
secticides, ammonia and
plastics. Total sales haw
stagnated because of the re*
i' cession, but - in 1982 are ex-
pected to snatch last year's
$2.Tbm

The company's petition marks
another step in -the intensify-
.. ing . trade war between the '
. . • • U.S. and .-Western Europe. In
the chemicals" field ■ this has
. recently involved the impo-
-sition of anti-du raping duties
4>y -the EEC ..Commission in
Brussels . on imports from
■.the.j; U.S, of vinyl- acetate

- monomer and. styrene.

-FINANCIAL : TIMES, ' publlihuf ' dJlIjr
weupt. 'Sunday* and holidays, U.S.
subscription rain .$365.00 por annum.
SMorid -Glass Dostaga pat* at Naw
Ynri!. BL-Y., and px ^additional- mailing
eantrea. '

- .

.Financial Times Mtinday- July 12 1982

UK NEWS

• .tMi

. • ' • . • ...... .

. . # ... - .-v

* '■ -Cr-'S'V. -.1 . ' •' ’ ;^-V, 3;-; >X.i’ v .'^3

Britain ‘will not
share in recovery
of car production’

' BY KENNETH GOODING,. MOTOR INDUSTRY CORRESPONDENT

BRITAIN will not share in the
expected recovery of car pro-
duction in the world’s major
markets, according to Automo-
tive Research end Management
Consultants.

ARMC, based in London, pre-
dict car output in 1984 will re-
main relatively unchanged at
950,000 compared with 954.650
last year, the worst year since
1957.

However, for Western Europe
as a whole, car output in 1984
is expected by ARMC to be
nearly 12 per cent up on last
year's level, from 9.5m to
10.64m.

An even greater recovery, one
of nearly 19 per cent, is fore-
cast for North America — from
7m last year to 8.4m. Mean-
while, the .Japanese industry
should maintain steady progress
from 8.97m to 7.4m.

In its quarterly International
Automotive Review, ARMC, sug-
gests that car production In
Britain cannot be expected to
return to 1m an the foreseeable
future, unless Nissan decides to
go ahead with a UK plant—
which now looks, unlikely'

There will be more assembly
of cars, as distinct from com-
plete production, because bofh
Talbot and VauxhaU are bring-
ing in kits from their conti-
nental associates for final
assembly.

ARMC also state that pros-
pects for the British commer-
cial vehicle producers remain
poor, with recovery when it
comes likely to benefit the van

sector rather than heavier
trucks and buses.

• The review predicts that com-
mercial vehicle output Ln the
UK will reach 320,000 by 1984
compared with 231,000 last year
— the worst since records were
first kept in the current form.
However, the 1984 forecast is
nearly 22 per cent below the
peak output of 408,500 commer-
cials reached in 1979.

In Western Europe as a
whole, commercial vehicle out-
put should rise 12.6 per cent
from last year’s level to 1.489m,
according to ARMC.

The North American jump is
predicted at 29.2 per cent to
2 -8m and Japanese output could
advance 11.7 per cent to 4.7m.

Of the other major European
markets the forecasters suggest
that West German car output,
3.577m last year, could reach
3.95m in 1984 while commercial
vehicle production might go up
from 319,000 to 345,000.

French car production is ex-
pected to rise from 2.6m last
year to 285m in 1984, and com-
mercial output from 407,500 to
440.000.

ARMC believes that Spain,
along with the U&, will show
the biggest growth rate in
vehicle production to 1984 with
car output up from 0855m to
l'.lm and commercial produc-
tion up from 132,000 to 150,000.

“International Automotive
Review,” quarterly, from
ARMC, 67. Clerkenwell Road,
London EC1R 5BU.

Salford pioneers scheme
for professors in industry

BY DAVID BSHLOCX, SCIENCE EDITOR

A NEW KIND of professor,
who retains an executive post
in industry at the same time
as holding a university chair,
is being established at Salford.

The new appointments will
be paid for from a charitable
trust tailed Campus, the Cam-
paign for the Promotion of the
University of Salford.

Industry has pledged more
than £100,000 to Campus to help
the university survive a 44 per
cent grant cut — higher than
any other university.

The new chairs will bring
into the university a kind of
academic more akin to those
found in the Technische Hoch-
schule in West Germany, said
Professor John Ashworth, the
vice-chancellor.

The first of the new chairs,
in gas engineering, has been
agreed in principle with British
Gas and negotiations about
others have begun. Prof Ash-
worth told a graduation cere-
mony at the university.

Prof Ashworth said the
university had been 'unable to
obtain from the University
Grants Commission a ” clear
and consistent statement” of

the criteria they, used in impos-
ing on Salford the biggest cut
in any British university in-
come.

“I am forced, therefore, to
conclude that such criteria do
not exist.”

The university bad responded
by devising a new academic
plan for a smaller UGC-firaded
university. But in parallel it
had set about building a sene
of non-UGC funded activity.

It had more than doubled the
rate at Winch the university was
acquiring research grants and
contracts from the Research
Council.

Its industrial centre had
doubled its cash-flow f«nn-£0.5m
to £lm a year, “at a time of
severe recession.”

The university would prob-
ably more than double its intake
of well qualified foreign
students at a time when the
total number of such students
in British universities was de-
dining.

“If we continup at this rate,
the UGC will be funding less
than haS of the university’s
activities by 1984-85.

U.S.-Europe fight for
jetliner sales intensifies

THE BATTLE for a major share
in a potential - multi - billion
pound market for medium-range
airliners is intensifying between
Europe and the U.S.

Two new aircraft — the Euro-
pean Airbus A-310 and the
Boeing 767 from the U.S. — are
both aimed at the replacement
market for 200-seat aircraft.

In the next decade, and when
the world economy improves
sufficiently to give airlines the

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British Aerospace has a vital
20 per cent stake in the Airbus
and produces the wings and
other items for it

The Boeing 767 set off last
week on a 30,000-mile
demonstration circuit taking in
several important European and
Middle Eastern countries, just
as the Airbus returned from a
similar sales trip.

Mr Thornton Wilson, Boeing
chairman, admitted the Airbus
was outselling the 767 in Europe
and that was one major reason
for the tour..

Boeing leads in the U.S., but
Mr Wilson says he does not
want to see European and U.S.
airlines polarised into buying
their own continents’ aircraft

Airbus claims its jet has im-
proved on its projected fuel use
by 6.5 per cent. Boeing says its
own jet is 10 per cent better.
The figures are of vital impor-
tance in the sales battle because
fuel accounts for up to one
third of operating costs.

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Canberra
returns
to an
ecstatic
welcome

By Stephanie Gray

SS CANBERRA, the luxury
liner turned troop carrier
and hospital ship arrived back
in Southampton yesterday
morning to an ecstatic wel-
come from a crowd estimated
at more than 50,000,

An armada of small craft
escorted the P & O flagship
up Southampton Water to
bands and bunting on the
dockside. The Prince of Wales
went on board the liner*
Helicopters flew past in for-
mation spreading red, white
and blue smoke. Thousands
of balloons were released and
the crowds and soldiers sang
Rule Britannia and Land of
Hope and Glory.

The Royal Marines' band
on board played their new
tune: “ The San Carlos
March.”

Banners bore the legends
“ Canberra walks on Water,”
"Wave your Jack, Canberra's
back” and “We love White
Whale,” the name by which
the ship has become affec-
tionately known.

Structurally undamaged but
blemished by rust stains on
her white hull, ttae liner
brought home 2,500 Marines,
the P & O crew -and a 78-
y ear-old Falkland Islander on
his animal visit to Britain.

Many of the troops had
yomped from San Carlos Bay
to take the heights around
Port Stanley where they
watched thousands of Argen-
tine soldiers fleeing before
the surrender. Others had
been despatched to take South
Georgia Southern Thule.

They were eager to know
the mood of the country and
asked of the possibility of an
early election. Further .Navy
cuts were their main worry.

If they were surprised that
the Canberra had escaped
damage, it was nothing to the
surprise of the Argentine
general who came on board
at Puerto Sfadryn when they
returned 4^00 prisoners of
war.

Argentine newspapers had
carried several stories of the
destruction of the Canberra,
one of them presenting an
expert mock-up of the ship
ablaze. The general .wanted to
see the damage.

If the Canberra, with Its
20-year-old dry wood interior
and aluminium superstruc-
ture had been hit, the liner
would have been “a death-
trap,” said Executive Officer
John Turner.

Passengers had sorry tales
to tell of their enemy. Some
soldiers had been shot by
their commanding officers
when attempting to . sur-
render. Some new rctamlts
had no idea where they were.
-Contrary to reports, however,
they had been well fed and
well equipped.

After Initial terror at being
captured, the prisoners had
been grateful for their treat-
ment on the ship. During air
attacks they had been covered
with mattresses and blankets.
British soldiers had supplied
blood for those who had been
injured.

Now the Canberra is due
for a refit which is expected
to take at least three weeks,
and a long battle between her
owners and the Ministry of
Defence on the cost of using

the ship.

• On Saturday HMS
. Glamorgan sailed into Ports-
mouth Harbour bearing the
scars of the damage from an
Exocet missile. Glamorgan
was the only ship to survive
an Exocet attack.

Plessey, BICC
win contracts

PLESSEY and BICC claim to
have won more than 55 per
cent of all British Telecom’s
contracts for optieal fibre
systems following a round of
orders which gives them 28
of 35 routes, worth £Sm.

The contracts will require
more than 8,000 km of fibre
and include the world’s
longest mono-mode system,
the 52 km route to be instal-
led between Liverpool and
Preston.

Banking licence
not reissued

THE EXPECTED reissue of
a banking licence to Savings
and Investment Bank,
Douglas, Isle of Man, did not
happen at the wckend. A
statement on negotiations to
rescue the bank from failure
is likely to be made when
Tynwald meets tomorrow. Dr
Edgar Mann, the Finance
Board chairman, said yester-
day that prolonged, difficult
negotiations were continuing.

Medical market
service to start

A SERVICE to provide
health-care marketing in-
formation on more than 120
countries is being introduced
by World Medical Markets,
a product-research organisa-
tion, of Bognor Regis, West
Sussex.

The computer-based service
will provide information on
health sector profiles, health-
care projects, statistics,
analysis, and health -care and
pharmaceutical - market
forecasts.

Deciding where the cost should be

INTRODUCTION of a separate
block grant for education, now
under active consideration by
the Cabinet, would cost £2.7bn,
leading to either 3p extra on
the basic rate of income tax
or 48 per cent on value-added
tax, or an equivalent mixture
of taxes and central borrowing.

The Department of Educa-
tion and Science, which has
floated the idea as a way of
achieving convergence of local
authority education spending
and cutting the rates sharply
and quickly, estimates that the
average domestic rate bill
would fall by 25 per cent if a
75 per cent education block
grant were introduced.

But an analysis published
today by Mr Tony Travers, of'
North-East London Polytechnic,
points out that it cannot be
guaranteed that councils will'
cut their rates rather than
spend more on other areas, and
that anyway the likely rate
reduction would vary widely
from zero in the Inner London
Education Authority area to
more than 30 per cent in educa-
tion authorities such as Somer-
set

If the. additional grant needed
to fund the idea were paid for
by an increase in the basic rate
of tax, all income tax-payers on
the- basic rate would find their
tax rising by £1 for every £10
now paid.

For a family there would
clearly be a net financial' bene-
fit if the cash increase in tax
paid were smaller than the
reduction in rates.

But unless the rate rebate
system were substantially
altered, many people now
receiving rebates would lose
them. If their tax increased
they would be significantly
worse off.

One attraction for the Gov-
ernment, long under intense
pressure over commercial and
industrial rates, is that there
would be an overall shift of
resources from individuals to
businesses.

If the rate reduction brought
about by increased, grant were
enjoyed by domestic and non-

Robin Pauley ex amin es choices of block grant or rate
rises to pay for education

domestic ratepayers, and the
extra grant came only from
Income-tax. individuals would
have to bear an extra burden
roughly double the size of the
domestic rate reduction.

• Business rates would fall
sharply.

Mr Travers says there are
three implications for other
services if an education grant is
introduced:

Pressure from other areas, par-
ticularly social services, for
their own grant DH5S
officials admit pressure would
rise for social service cuts
rather than education. A
social services block grant
would help preserve social
service spending levels.

If education block grant and
general block grant each had
different marginal grant rates,
there would be an incentive
■ for councils to re-define as
much -spending as posriflfe
under the head giving most
grant.

Central services and administra-
tion are particularly suscept-
ible to *' movement ” _ from
one service to another. Audit-
ing would have to be more
like policing.

Even if block grant for educa-
tion produced an advantage
for ratepapers, there would
be nothing to stop non-educa-
tion authorities taking
advantage of the lower rate
bills to squeeze in extra
- spending.

To avoid tins there would have
to be more severe penalties
for spending above non-
education expenditure assess-
ment ' levels, on a strict
system of targets and penal-
ties.

Mr Travers says that the
changes implicit in an educa-
tion block grant add up to a
constitutional reform.

But the lengthy DES paper
on the subject illustrates that
this is not so although there
are changes in emphasis.

POSSIBLE RATE RHJUCTIONS
FROM EDUCATION GRANT

Authority

Rate

reduction

£m

Rate

reduction

%

ILEA

0

0

Haringey

6.9

88

Sutton

88

20.4

Newcastle

isa

14JB

Kirklees

148

28 S

Traffonf

14.9

24.1

Somerset

213

31.1

Cumbria

208

26.7

Surrey

708

298

Supporters of a wholly cen-
tralised education system, on
the basis that it is logically a
central service anyway, com-
plain that the DES plan is not
a constitutional reform, as divi-
sion of responsibility ' between
councils and Government is not
affected. Nor is distribution of
local authority functions
altered.

The DES argument for a grant
is to assist in furthering the
objectives of encouraging a
more even pattern of education
expenditure relative to need
throughout the country; encour-
aging education authorities to
observe Government priorities
in the service; enabling the
Education Secretary to promote
innovations and developments
in specific areas; -and- reflecting
more clearly the partnership
between central and local
government embodied in the
1944 Education Act.

For direct encouragement of
areas of national priority.

limited powers to pay specific
grants would be needed, as
there would be -directional pos-
ri&iiiaes wzfr&n am education
grant.

The idea of convergence of
expenditure throughout the
country has led the National
Union of Teachers to consider
' mi education block grant favour-
ably. The Society of -Education
Officers was initially in favour,
though ait is understood -to be
havmg a second look.

A paper for the . society by
London Umv'eiisiiy Education
Institute setting out the options
concluded:

“ Does ' the country want a
system endorsing local dis-
- c retie n wsthsin which the totality
of education expenditure may
Increase, but disparities may
widen, or does it want a system
that incorporates controls over
the totality of expenditure but
reduces disparities?

“A block education grant
might prove to lie somewhere
between these two extremes.”

A paper given to the Society
of Education Officer^ by .Prof
John Stewart of Birmingham
University Institute of Local
Government Studies says that
an education block grant might
be much more about limiting
maTim-n-m standards than
enforcing Tnininumi standard^

His most serious objection
is that the plan would weaken
local accountability and the
basis of the local education
authority.

“The key to the complex
government . of education has

been that power and authority
have been diffused. The answer
is not to seek new comprehen-
sive instruments of control,
system guided by instruments
of ' minimum control and
maximum impact.”

In the end the decision on
an education grant is likely to
be purely political.

All attempts to “do some-
thing " about the rate have so
far come to nought, and Mrs
Thatcher and -Mr Michael
Heseltine, Environment

Secretary, are faced with going
to the Tory Party conference in
the autumn yet again with a
completely empty basket.

Their only hope is to accept
the education grant and
announce a large cut in the
(exnectedl level of rates.

They might do it if shuffling
round the cost in bits of tax
here and there and a few
cosmetic changes to the horrov -
ing requirement could lose
most of the impact.

But Mrs Thatcher is known
to be horrified at the prospect
of having tn increase taxes,
haring promised, and so far
failed, to cut the basic rate to
25 per cent.

She must decide quickly
which her Tories like less
income tax or rates.

INCOME TAX CHANGES TO PAT FOR EDUCATION GRANT

Single person
Single person
Married couple*

Married couple*

* Husband only working.

1982412 weekly

Income

3p

New tax

income.

tax

increase

total

£

£

£

£ -

100

2057

2.10

23.07

30O

8335

834

91.69

ISO

31 JOO

X10

- 34.10

200

46D0

440

50^0

Crystal Palace
sports facelift

CRYSTAL PALACE National
Sports Centre Is to have a
facelift costing £333,000.

Track improvements will
include strengthening the
foundations and drainage
work. The synthetic surface
laid in 196S will be replaced.
The scheme also Involves on
improved layout for track and
field events.

The Sports Council will
meet 75 per cent of the pro-
ject cost. The Greater London
Council will pay 25 per cent.
Work will begin at the end of
September for completion in
June next year.

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Financial Times. Monday July- 12 -19S2 ^

UK NEWS

-.i - -

World shipping
tonnage laid up
rises sharply

BY ANDREW FISHER, SHIPPING CORRESPONDENT

MORE MERCHANT shipping
tonnage is laid up around the
world for lack of business in the
present slump than at any time
for four years, figures from the
General Council of British
Shipping show.

At the end of May, 8 per cent
of the world fleet was laid up,
making a total of 794 ships of
55.3in deadweight tons. The
figure nose sharply by nearly
7m dwt from the level in April.

The alltime high was reached
in June 1978 when some 57m
dwt was laid up. The latest
figure, not far short of this, rep-
resents a six-fold jump since
early last year.

With the tanker market stuck
firmly in a prolonged depres-
sion, it is this category of ship
which dominates the lay-up
figures. large numbers of tan-
kers have also been going to
scrapyards.

The GCBS, which bases its
figures on Lloyd’s Monthly List
of Laid-Up Vessels, says 14 per
cent of the world tanker fleet

is now -lying idle, totalling just
over 49m dwt This is double
the figure for the end erf 1981.

On the dry cargo side, where
freight rates are also at roefc-
bottom levels, the lay-up trend
has increased Sharply in recent
months.

Only 2 per cent of dry cargo
tonnage, or 460 vessels of 6.1m
dwt was laid-up at the end of
May, but this was double the
January total.

Of the UK merchant fleet 7
per cent of tonnage was idle at
the end of May, comprising 28
ships of 2.8m dwt This was
up from 25 ships of 2.15m dwt
the previous month, most of the
laid-up vessels being tankers.

The country with the most
laid-up tonnage in May was
Greece with nearly 18m dwt or
18 per cent of its fleet Liberia,
a flag of convenience country,
followed with lL9m dwt almost
wholly in tankers. Norway was
next with 11 . 8 m dwt of idle ves-
sels, again chiefly tankers.

IDLE WORLD TONNAGE

(m dwt)
Dry cargo

Tanker

Total

Dec 31 1981

22

242

27 A

Jan 31 1982

3J0

252

28.9

Feb 28 1982

3.6

31J

3SJ

March 31 1982

5J»

36 A

4M

April 30 1982

5.6

ALB

. 483

May 31 1982

6.1

49 3.

■ 553

Source: General Council of British Shipping

Recovery in economy
4 unlikely for two years 5

BY ROBIN PAULEY

THE ECONOMY has dearly
bottomed out but there are no
prospects of real recovery this
year or next according to a
special analysis by brokers
James Capel published today.

It says the Government’s
economic policy will have to
operate on a knife-edge for the
remainder of this Par liam ent,
balancing the electoral conse-
quences of a stringent economy
against the economic conse-
quences of any attempt at large-
scale reflation.

Its attempt to bring a lower
cost structure to the economy
has led to a large supply side
contraction. This implied that
any major stimulus to demand
would result in a move into sub-
stantial deficit in the current
account of the balance of pay-
ments.

The key to sustained
recovery was a strengthening
of the supply side. This requires
an increase in capital invest-
ment and therefore a cut in
short-term interest rates. It
would be two years, however,
before the full effects were
felt

A cut in interest rates may
be necessary for an increase in

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investment but it -is not suf-
ficient There is little reason to
invest to expand capacity if
there is no prospect of increas-
ing demand, the report says.

This leaves the Government
with a policy conundrum likely
to lock toe economy into low
growth for the next couple of
years. Without the appropriate
stimulus there could be no
recovery in demand and output
and no rise in capital expendi-
ture.

The Government's attempt to
steer a middle course would do
little to encourage growth.
James Capel expects only a 0.9
per cent rise in gross domestic
product this year and 1.9 per
cent next year (against Treas-
ury estimates of 1.5 per cent
and 1.9 per cent).

The report says any uni-
lateral attempt to cut UK
interest rates significantly could
cause a run on sterling, with
possibly serious consequences
for inflation.

• National Westminster Bank
says in its UK economic out-
look briefin. .or July that there
is " increasing nervousness ”
about toe strength of any
upturn .in the economy.

Dr David Lomax, the bank’s
group economic adviser, says
the economy Id expected to
move roughly on its present
course, with little evidence of
any substantial upswing.

The balance of trade is
deteriorating, although still
healthy. Private sector invest-
ment is being reduced by
corporate liquidity pressures

Prior set
to announce
October
date for
Ulster poll

NORTHERN IRELAND voters
will go to toe polls on October
20 to elect a new assembly—
the first at Stormont since
toe collapse of the 1975 con-
stitutional convention.

Hr James Prior. Secretary
of State, is expected to
formally announce In toe
House of Commons this week
toe date for toe proportional
representation elections.

Plans for toe new assembly
were outlined In toe Govern-
ment's White Paper on “ roll-
ing devolution "-—the step by
step attempt to transfer
power to Northern Ireland
politicians to replace direct

rule.

However, leaders of Ulster’s
two main unionist parties
were yesterday criticising the
arrangements for the elec-
toms.

It was thought toe election
would have been fought on
17 constituencies as recom-
mended by the Boundary
Commission bat it Is now
dear it will be based on the
12 Westminster Seats in
Northern Ireland. .

- North Antrim and Euro-OfP
Che Rev Ian Paisley, who is
leader of toe Democratic
U nionist Party, claimed toe
arrangement puts unionists
at a disadvantage to repub-
licans.

Mr James Molyneanx, Offi-
cial Unionist leader, criticised
toe Northern Ireland Office
for “bungling" tile arrange-
ments hat he made clear his
party will fight toe election.

Thu middle - of - the - road
Alliance Party will also fight
toe election. The Sodal
Democratic and Labour Party,

- which Is mainly Roman
Catholic, has yet to make its
position dear and Sinn Fein,
toe Provisional IRA’s politi-
cal wing, says it will contest
toe election but if elected its
candidates will refuse to take
np their seats.

. Meanwhile today tens of
thousands of Orangemen will
be marching in Ulster to
celebrate the * Twelfth of
July ” to mark the 292nd
anniversary of toe Battle of
toe Boyne..

Police and army chiefs also
fear a stepping np of toe
Provisional IRA terrorism
campaign and there are re-
newed police warnings for
toe police to he on the alert.

Heightened security meas-
ures were in force and a close
aide to the RUCs Chief Con-
stable at toe weekend said
it was known the IRA were
planning more “outrages.”

On Friday night toe RUC
Intercepted a car bombing
mission in a luxury area of
south Belfast Army experts
lpted to make safe toe
100 lbs of explosives packed
into two beer cases hot toe
bomb detonated, causing
extensive damage to houses.
The area had been evacuated
and there were no injuries.

A senior RUC spokesman
said it was believed toe ter-
rorists had planned to take
toe bomb to Belfast city
centre. Two weeks ago a car
bomb exploded in Belfast
city centre injuring 26 people,
most of them nurses.

In another Incident a mas-
rive .bomb in a van exploded
in west Belfast.

BUILDING SOCIETY
RATES

Every Saturday the Financial Tunes publshes a table
giving details of Banding Society Bates on offer to
the public.

For further advertising details please ring
01-248 8000 Extn. 3606

Ambition and innovation at the BBC

TODAY the -BBC is to hold its
service of thanksgiving and
celebration at St. Paul’s
Cathedral in London. It is hail-
ing 60 years of domestic, and
50 years of external, broadcast-
ing.

Some of those present may
wonder whether it might also
be celebrating its zenith. The
tidal wave of change, political
and technological, is poised to
crash down on this bastion of
the British way of life.

The corporation has shown
its abilities to beat off such as-
saults in the past But this time
the odds against it look heavy.
Can the BBC hold, its present
dominance in broadcasting
within Britain, and its status
as in international broadcaster,
for the next 30 years — never
mind the next 60?

On the domestic front, the
corporation faces a growth of
alternative ways to broadcast. It
was able to endure the arrival
of commercial television, pirate
radio and, later, independent
local radio. It emerged even
stronger than it was before.

Now, however, there is the
prospect of satellites, cable,
further conventional indepen-
dent competition (from break-
fast TV and the Fourth
Channel) and increasing use of
video discs and cassettes in the
home. .

Abroad, the gradual diminu-
tion of Britain’s role over the
years by several governments

Arthur Sandies hails the corporation’s double -
anniversary and assesses its strengths and weaknesses

may have been temiprarily
halted as a result of the Talk-
lands crisis. Here again, though,
new technology is arriving and
other nations are spending
heavily.

The BBC’s strengths have
been its high standards; the
fears any government has of
over - diversified broadcasting
and its remarkable facility for
long-term strategy, its weak-
nesses are a fear by govern^
meats of too much power over
communication getting into
BBC hands, a confidence border-
ing on- arrogance, and toe in-
creasingly pressing problem of
paying for its ambitions through
the sensitive means of the
licence fee.

Its ability to get a sym-
pathetic ear from government in
spite of rows over political pro-
grammes (last year Ireland,
this year toe Falklands) was
demonstrated recently by a sur-
prisingly helpful increase in the
licence fee (from £2 to £46),
and by its nomination as pro-
vider of Britain’s first two broad-
casting channels directly from,
satellites.

It now faces combat against
what it sees as an even bigger
potential threat The total

deregulation of cattle television
in Britain has toe makings of a
basic disruption of toe present
BBC/ITV relatioaship. The
Hunt Committee will report to
the Home Secretary this year
on whether deregulation would
be good or not

The Corporation thinks not
“It has taken a 60-year mvesi-
znent in sititi end dedication to
create toe present system of
public service broadcasting,
which is universally acknow-
ledged to be a national asset,”
the BBC told the committee.

** It would take a much
shorter time to erode the value
of that national asset if the new
cable services were permitted
an operating philosophy made
up of qurck-kiU methods of
finanriri contzol,'a cynical view
of public taste and no concern
for social side-effects."

The BBC urging of caution is
likely to hit sympathy in
Government, even if it does not
on the committee. However,
the corporation is already
involved in experiments with
subscription television through
cable, in alliance with Vision-
hire at Milton Keynes. The
BBC might well want Govern-
ment not to. jump to a decision
before it is ready to jump too. '

Theft is little doubt that toe
corporation's long-term strategy
is to ease itself out of heavy
reliance on the licence fee. It
ha$ begun to do so through a
policy of much more aggressive
foreign sates and more pub-
lishing. But this is chicken-
feed compared to the gravy
train St sees in satellite broad-
casting end pay-television. The

problem is to pay for massive
expansion on ail fronts.

Even at present levels of
service and given modest infla-
tion. toe BBC might need £lbn
a year by toe end of the decade,
licence fees provided about
£500m lest year. BBC Publica-
tions produced a profit of £4.3m
and BBC Enterprises sold pro-
grammes abroad for about
£16m.

A subscription satellite might
produce £50m a year and toe
opportunities in pay-TV would
be vast if current BBC produc-
tion and its huge stock of
material were to be made
globally available.

A BBC heavily funded by
sales is a long way from Lord
Rehh’s concept of the organisa-
tion which gave strength to the
child whose anniversary is ito
be celebrated today. It would

cut toe cord between toe
corporation and government. *

There as tittle sign of such
dreams at the headquarters of
the -External Services at Bush
House.

External Services started *n
late 1931, nine years after the
British Broadcasting Company
(as it then was) came into
being. (The celebrations this
week do not quite mark 50 years
and 66 years.) It was known
at am as the Empire Service.
The first foreign language pro-
grammes. seven years later,
were in Arabic. The orgarasa-
iton owes its peculiar separa-
tion from government, like
much else, to Lord Retth.

In recent years the Foreign
Office, through which the pay-
ments are made, has appeared
much more eager to exercise
its right to decide how much
is broadcast, in what language,
and to whom. Except in times
of conflict, that right had been
exercised in anything but an
expansionist way.

The great broadcasters in the
sky might he forgiven if they
■were to smile on the way in ,
which Mr George Howard (the .
present chairman of the BBC)
and Mr Alasdair Milne (who is
to become director-sene nil next
month) seem to be carrying on
the tradition of clever handling
of Government, as regards
domestic services. They might, .
however, be wincing at the
prospects for Bush House.

Gibraltar plans to tighten
control on life companies

BY ERIC SHORT ■

THE IMPOSITION of much
more stringent requirements on
life companies registered in
Gibraltar will be one of the
main considerations in the forth-
coming review of the Crown
Colony’s insurance legislation
and supervision.

• In the past year or so,
several organisations wishing to
market a variety of investment
products in the UK have done
so through a life company regis-
tered in Gibraltar. The present
control . on such companies is
very loose compared with that
on UK companies yet they have
the same marketing freedom.

This has resulted in consider-
able criticism in the UK Press
and on radio.

Mr Joe Bautista, assistant
secretary (finance) in the.
Gibraltarian administration,
said the authorities had been
considering changes for some
time. They would be seeking
advice from an experienced per-

son who would have to come
from outside Gibraltar as
resources within the administra-
tion were limited. It would bear
in mind UK legislative controls
provided they could be adapted
to local conditions.

He was unable to indicate how
controls would be strengthened.

Suggestions from other
sources are that minimum paid-
up capital would be increase
from £10.000 to £100,000 and the
Government would require
annual rather than five-year
actuarial valuations.

Mr Bautista said such changes
could be imposed quickly under
existing legislation.

A new banking ordinance was
passed on Thursday by the
House of Assembly mid the
authorities could now devote
their attention to insurance
Mr Bautista said. He
grateful to toe UK media
farl highlighting some of the
needing attention.

Shoe industry
deliveries
bold steady

DELIVERIES by toe British
footwear industry in the
three months to' toe end of
April showed no change com-
pared, on a seasonally
adjusted pairage basis, with
toe three months to toe end
of January, to

figures published by toe
Industry Department

Net new orders during the
same period, also on a season-
ally adjusted pairage basis,
were 1 per cent higher than
in the previous three months.

The index of output in toe
three months to toe end of
April wag 6 per cent higher
than in the previous three
months.

Figures for hosiery and
other knitted goods, includ-
ing knitted fabrics, show that
the volume of production in
toe three months to toe end
of April, seasonally adjusted,
was 2 per cent lower than
in the same period of 1981.

Norton closes British
plants after heavy losses

8Y MARK WEBSTER

THE U.S.-based Norton com-
pany, which makes industrial
products, has announced the
closure of its two UK plants as
part of a consolidation of its
European operations.

The two factories, in Belfast
and Welwyn Garden City, are to
shut down after two years of
heavy losses. The hulk of their
work will be transferred to
plants in Italy and France.

The closures will mean the
loss of 270 jobs at the Welwyn
Garden City plant, which makes
grinding wheels, and 150 in
Belfast, which manufactures
sandpaper.

"We are t rying to concen-
trate our resources in countries
where we have a leading
market share, 11 raid Mrs Carol
Hillman, vice-president for
corporate communications.
“ There was a great deal of so id
searching before we derided to
close the UK factories, but un-

fortunately they were the ones
in toe deepest trouble."

Mrs Hillman said the work-
force at both toe UK plants had
tried hard to increase profit-
ability but other European
factories were bigger and more
modem.

Norton will keep the sales
and marketing services for its
distributors in Welwyn Garden
City, but will supply all the
products from its European and
U.S. outlets.

The Norton group is the
world's biggest producer of
abrasives with operations in IS
countries. It also makes dia-
mond drill bits and downhole
tools and provides drilling ser-
vices to the mining industry.

Its abrasive division contri-
buted nearly 50 per cent of last
year’s $95m (£54 ,9m) earninrs
on its turnover of $1.3bn. But
most of the profits came from
the U.S. business while Europe
as a whole was slack.

INSURANCE

London reinsurance companies’ accounting attacked

BY JOHN MOORE, CITY CORRESPONDENT

THE ACCOUNTING practices
of reinsurance companies oper-
ating in London are attacked
in a report* published today.
Important aspects of the re-
insurers’ accounting methods
are described as “a variable
subjective fiction."

Ibe report is one of the first
critical studies of toe financial
management of London re-
insurers. It was prepared by
Financial Intelligence & Re-
search, a firm of analysts.

It concludes that financial
reporting methods are mislead-
ing, that toe methods neces-
sarily result in in-informed
competition and that “ ill-
informed competition threatens
the survival of the industry.”

It is certain to cause con-
troversy in the London re-
insurance community and a re-
appraisal of many reinsurance
groups’ underlying security.

The report’s key attack is
against the way reinsurance
groups account for investment
income. All insurance and re-
insurance groups make virtu-
ally all of their disclosed profit
from investment income, the
money earned on insurance and

reinsurance premiums invested
by toe group.

With interest rates at his-
torically high levels most
insurers are making an ulti-
mate profit even though they
may he making an underwriting
loss, with claims exceeding
premiums.

There has been a long-
running debate about under-
writing performance — the
argument over whether in-
surers and reinsurers are writ-
ing for cash-flow purposes,
ignoring the premium rates and
concentrating on toe level of
income to be earned on invested
premiums. The report says this
debate is “diverting attention
from the reality of underwrit-
ing performance.”

It -says the element of invest-
ment income to he included or
excluded from toe underwriting
account “ is assumed to be
capable of isolation in all
classes for ail. companies in
order to ascertain true compara-
tive underwriting profit or to
establish . economic premium
rates based on technically-based
underwriting."

The facts, says the report, are

rather different. Definitions of
investment income tan vary
sharply and can often be stated
in accounts without disclosure
of gross investment income.

Investment income may be
stated net of interest paid, net
of realised grins on investments,
net of realised and unrealised
gains or losses, or net of foreign
exchange gains or losses. The
definitions can render invalid
any meaningful comparison
within the industry. Moreover,
companies differ on where the
investment income items should
be sfea/tpL

Sboold they be credited an the
class revenue accounts; or partly
in toe profit-and-loss account
above the . tine; with perhaps
undisclosed realised and un-
realised gains and losses
credited . direct to reserv es ; or
undisclosed realised or. un-
realised gain s and Josses
credited direct to inner undis-
closed reserves? The conclusion
is (that the permutations are
endless.

The wide variation in account-
ing 1 treatment is limited not
only to investment income.

There are wide differences in

toe treatment of management
expenses. Some . companies
debit to the class revenue
account ail of their costs includ-
ing administration costs,
operating costs and bad debts
as “ management expenses.”

Others debit only a small
proportion, of total expenditure
to the class revenue accounts.
Others debit only a net figure
after deducting undisclosed
recoverable expenditure or
undisclosed commissions and.
fees receivable.

Accounting treatments for
foreign excha n ge can show tittle
consistency. Foreign-exchange
accounting by companies may
operate a policy of full dis-
closure in both the class or
revenue accounts and the profit-
and-loss account Or it may
involve a complex reserving
policy which could operate on
a whole range of different
criteria.

As for taxation the report
unsurprisingly concludes tori
this lades a consistent approach,
with taxes being disclosed gross
in either the revenue account
or profit-find-loss account or

netted-off against income.

Of toe reserving of future re-
insurance daims within the
groups toe report's findings
suggest that the permutations
are endless and by implication
almost impossible to reconcile
between one company and
another.

Regulations in toe UK, il saj^.
may standardise toe format of
presentation, of reinsurers’ ac-
counts. Standardisation of
definition of many important
variables, however, has yet to
be achieved.

The conclusion of toe report,
which has surveyed hundreds of
reinsurers, is simple. If re-
insurers and insurers are argu-
ing for an end to senseless and
irresponsible competition they
should not publish meaningless
data. The market needs more
reliable information to assess
whether competition is senseless
or irresponsible.

* Reinsurance Companies in the
London Market — Solvency
Status and Underwriting Per-
formance , two rnlumex: Finan-
cial Intelligence & Research.
49-51 r The. Avenue, London
W13 8JR; £245. _

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Financial Times Monday Jfcly 12 1982

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UK NEWS -LABOUR

Nurses unlikely to give way on pay

BY BRIAN GROOM. LABOUR STAFF

THE GOVERNMENT’S slender
hopes of a breakthrough in the
12-week National Health Ser-
vice pay dispute rest on a meet-
ing- on Wednesday of the Royal
College of Nursing's Labour
Relations Committee.

Management and unions in
the Nurses’ and Midwives*
Whitley Council meet tomorrow,
but the TUC unions will walk
out as soon as the 7.5 per cent
pay offer is reached on the
agenda.

The RCN, representing
180.000 of the 480.000 nurses,
will receive the offer and decide
on Wednesday whether to reject
it outright or put it to the mem--
bers for consultation.

The Labour Relations Com-
mittee was deeply split on
whether to return to negotia-

tions at all. and there is little
expectation that members will
accept the offer.

Mr Trevor Clay, the RON’S
new general secretary, said in
a radio interview yesterday that
there was more ‘anger among
nurses and other health workers
over the Government’s 6 to 7.5
per cent pay offers than he had
ever known.

There was little support
among RCN members for the
view that the nurses’ 7.5 per
cent offer should be accepted as
as best they were likely to get,
he said.

Many felt the varied offers to
he divisive, he added. Mr Clay
has indicated that nurses may
not continue to insist on higher
rises than those for other
health service workers.

However, the prospect of the
Government Increasing the
ancillaries* offer to match the
nurses,* or raising the offers in
any way. appears increasingly
remote.

Mr Norman Fowler, Social
Services Secretary, emphasised
in two statements at the week-
end that the offers were “final."

There was room for negotia-
tion. he said, but only on the
shape of the offers put forward
by management within the basic
figure for each group.

" The Government has shown
flexibility. The TUC has not
moved one jot from the 12 per
cent pay claim which was formu-
lated six months ago. and is out
of touch not only with what the
country can afford but with
what other workers have agTced

to accept,” Mr Fowler said
yesterday.

About 8m people had reached
pay settlements this year, and
the average Increase was 7 per
cent.

With the Government taking
a tougher line, the TUC unions
may exert fresh pressure to
avoid losing momentum.

Three days Df action start on
Monday, but a difference of
interpretation has emerged.

The National Union of Public
Employees calls on members
inside and outside the NHS for
a three-day strike, while the
Confederation of Health Ser-
vice Employees envisages three
days’ intensified industrial
action, perhaps with a strike on
one day.

David Goodhart considers the prospect of another Underground strike

Search for Tube cost-savings

LONDON commuters face the
prospect nf a renewed Under-
ground railway strike by mid-
August if the joint working
party of London Transport (LT1
and the transport unions, which
is to go into action today, can-
not find a cost-saving alternative
to cuts in services.

After two weeks of Tube
stoppages at the end of last
month which coincided for two
days with the shutdown of
British Rail. LT agreed -to sus-
pend the introduction of Its
reduced services for the four-
week duration of the working
party.

The Underground rail unions
— the National Union of Rail-
wavmen tNURl (with 14,000
personnel involved), the train
drivers' union Aslef (2.000) and
the Transport Salaried Staffs
Association (TSSA) (4,000) —
simultaneously agreed to sus-
pend industrial action over the
apparently minor issue of a cut
in Tube services which would
save £7m a year.

Mr Andy Dodds, assistant
general secretary' of the MUR.
is convinced that the Govern-
ment was, for once, leaning on
LT to compromise. “The
Government is always very
sensitive to the feelings of the
London commuter and was
terrified by the possibility of a
joint rail and Tube strike clos-
ing down the capital completely
for months," he said.

It is true that some LT

executives were keen to push on
with the reduced services. They
have been postponed four times
since their original implementa-
tion date of last March, when
tube fares were doubled after
the Law Lords ruling against
the GLC’s cheaper fares-

With the NUR on the run
after its rail strike fiasco, and
Aslef and TSSA less enthusias-
tic about strike action, normally
accommodating LT executives
felt it was time to assert " a
management’s right to manage.”
.After a minor skirmish with
the unions, the timetables would
have been accepted, they
believed.

LT still wants bus and tube
services reduced by about 10
per cent, now that its GLC
annual gram has been cut from
£144m to £S2m. the number of
passengers has declined by 11
per cent since the fares doubled,
and in view of the decline of
113m in the number of
passengers over the past decade.
On the Underground, that
would mean a 15 per cent cut
in peak-hour trains — the issue
which provoked the dispute last
month— and further cuts in off-
peak and weekend services from
December.

The peak-hour cuts would
mean 430 trains rather than
the present 480. hut LT says
waiting in the city centre would
increase by only half a minute.

LT also says that, recruit-
ment having been frozen since

November, the new timetables
would bring services into line
with staff levels.

Industrial relations on LT
are normally good. Sir Peter
Masefield, the LT chairman,
last week commended the
Underground unions for helping
to achieve a 7 per cent improve-
ment in productivity over the
past two years. Longer-term
changes, such as one-man
operation of trains, have been
accepted in principle by the
unions, although there is hag-
gling over extra payments.

The outcry over such small
cuts is partly due to the feel-
ing that Lord Denning’s cuts
should not he allowed to over-
rule the plans of a Labour
GLC, but also to the fear that
this is just the first part of a
long-term rundown. As Mr
Dodds says: “If they arc only
saving £7m a year from the new
tube timetables, add last
month’s strike has already cost
them £6m. there must be some-
thing else behind it.”

Some tube workers fear
extensive closures of station and
loss of jobs, and dislike the
work schedules which would
accompany the new timetables.
The annual pay rise offer of 5
per cent has been rejected and
a resolution on pay may have
to await the outcome of the rail
dispute.

But despite those grievances,
it is not certain that a strike

call in August would be sup-
ported. The issue seems abstract
to some tube workers and
there was considerable dis-
satisfaction over the confusion
and lack of communication
during the June strike.

Dr Tony Ridley, managing
director of the Underground,
says that LT still believes
service cuts to he necessary,
but is not entering the work-
ing party with □ closed mind.
The only alternative way to
cut costs being promoted by the
unions U more enthusiastic
marketing. If that were not
enough and the new timetables
were to he reimposed. Aslef
and the NUR would return tn
the strike action to which they
are committed.

A legislative solution to Lon-
don’s transport problems, which
both sides see as the only long-
term solution, might yet save
the working party from dead-
lock. At a “Savp Public Trans-
port" rally in London at the
weekend. Mr Ken Livingstone,
leader of the GLC, said he was
oDtimlstic that a scaled-down
cheap fares policy might be
possible next spring. After
talks with Mr David Howell, the
Transport Minister, he said
that a cut of 15 to 30 per cent
in fares might he accepted. Mr
HoweH has also agreed to the
leader’s surprise proposal ti‘
freeze fares until the end o
next year. \

Liverpool
dockers vote
to end strike

By Our Labour Staff

MERSEY dockers yesterday de-
cided to end the unofficial
strike which has halted most
cargo-handling at the port of
Liverpool since last Thursday.

About 1.000 of them gathered
at a mass meeting in Liverpool
Boxing Stadium and voted over-
whelmingly in favour of their
shop stewards’ recommendation

to return to work.

The position remains con-
fused, however. The 250
dockers employed by the
Mersey Docks and Harbour Com-
pany at Birkenhead, who are at
the centre of the dispute, have
still to decide at their own dock-
gate meeting this morning
whether to return.

If they refuse, the dockers
employed at Liverpool may re-
fuse to handle any work, which
would have been done at Birken-
head.

Forum set up
for managers

By Our Labour Staff

THREE politically unaffiliated
TUC unions yesterday an-
nounced the formation of a
forum to promote the interests
of managerial and professional
staff.

They are the British Associa-
tion of Colliery Management
the British Air Line Pilots’
Association, and the Engineers’
and Managers’ Association.

Their forum is the Council
of Managerial, Professional and
Allied Staffs, representing
60,000 people.

Yorks loudspeaker
factory to shut

RANK organisation is to close
the Wharf edale hi-fi loud-
speaker factory in Yorkshire
with the loss of 350 jobs, it
was announced at the weekend.

The company blamed the
recession. A drop in UK and
overseas sales of its speakers
had led to substantial losses.

BUSINESSMAN’S DIARY

UK TRADE FAIRS AND

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July 18-22 Harrogate Gift Fair (02S2 8B7153) ..................

July 26-30 World Congress and Schibitioa for Ultrasound in

Medicine and Biotaff <01-438 6582)

Aug. 8-12 International ©ft? Fair (01-855 9301)

Aue. 12-15 Wine and Beer Festival (01-778 1256)

25 2MQ Motor Cycle Show (Oun “»> -r-TSSwaSiK

Sept 5-8 ............ International Hardware Traces Fair (01-643 S040)

Sept. -SIS International Air Show (01-839 SSI) .............. .

clot 7-10 Label. Labelling, Marking and Identification

SepL 7 Industry Exhibition— LABELEX (01-467 7728)

Sept. 7-10 International Carpet Fair (021*705 5707) ' -

Sent 12-15 MAB International Menswear Fair (0*27 63-13) ...

Sept 14-16 Coil Winding International *82 (0203 891339)

Sept 21-23 Harrogate Fashion Fair (01-637 2400)

SeoL 21-23 Environmental Health Exhibition and Congress

(01-637 2400) ■

Title

Venue

Wembley Conference Centre
Earls Court

Olympia

Exhibition Centre, Harrogate

Met Ex bn Ball, Brighton
Olympia .

Met Exbn Hall, Brighton
Earls Court
Olympia -

Farn borough

NEC, Birmingham
Harrogate
Earls Com .

Wembley Conference Centre
Harrogate

Scarborough

OVERSEAS TRADE FAIRS AND EXHIBITIONS

July 21-24 Security Asia Exhibition (0483 33085) —

July 31-Aug 3 ... Hamburg Trade Days (0202 732648)

Aug 11-15 International Trade Fair for Hotels, Restaurants.

Catering and Food — HOTELRES (01-681 7688)

Auk. 18-21 Business Equipment and Computer Exhibition — •

COMB EX (0483 38085)

Aug. 19-21 International Electronic Packaging and Production

Equipment Exhibition — INTERNEFCON (0483

3S085)

Auk. 27-29 International Men’s Wear and International Jeans

Fair (01-730 4645) -

Aum 30-31 Fashion Samples Fair— -INTERCHIC (01-749 3061)

Aug. 30-Sept 2 ... IadroPerfumery Exhibition (01-486 1951) .........

Sept. 4-7 Women's Ready-to-Wear Clothing Show (Paris

(1) 268-08.40)

BUSINESS AND MANAGEMENT CONFERENCES

Hong Kong
Hamburg

Bangkok

Hong Kong

Singapore

Cologne

Berlin

Utrecht

Paris

July 12-13 FT Conference: Business reorganisation — a

balancing of interests (01-621 1355)

July 13 Industrial Relations Services: Self-certification,

side pay and sickness benefit (01-32S 4751) ...

July 14 Oyez: Direct Labour Organisations and the New

Law (01-242 2481) -

July 15 The Henley Centre for Forecasting: International

business prospects (01-353 9961) .............

July 15 American Chamber of Commerce: The Role ot the

EEC Institutions and the Major Current Issues

Affecting Business (01-730 3176)

Jnlv 15 Focus: Understand Finance Workshop for

^ Managers (0273 500796)

Julv 19-20 IARC: Power and Political Behaviours In Organi-

* ’ sations (01-486 6106) -

Tniv 27-28 MSS: Finance for the Non-Financiat Director

" (0903 34755)

Aug, 23-27 Management Training Consultants: Techniques of

supervisory and management training, for

trainers (0533 27062)

Auk 25 Oyez/EBC: Deep water pipeline technology (01-242

^ 2481)

Aug. 30-Sept. 1 .. Management Centre Europe: Developing high per-
formance teams (02 219 03 90)

Aug. 31-Sept 2 .. FT Conference: Aerospace enters a new era

(01-621 1355)

Sept 6-8 Frost and Sullivan: Data communications:

advanced concepts and systems (01-486 8377)

Inter-Continental Hotel, W1
Lords Conference Clre, NWS
Carlton Tower Hotel, SW1
London Press Centre, EC4

Hyde Park Hotel, SW1
London Metropole Hotel
Great Western Hotel, W2
Worthing

Leicester

Norway

Brussels

Grosvenor House. W1
Mount Royal Hotel, London

Anyone wishing to attend any of die above eoents is advised to telephone the organisers to
ensure that there has been no change in the details pttbUShetL

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Do you love the wide open spaces? Clean air? The beauty of
nature? Are they a part of the legacy you have planned for
your loved ones?

Owning a large piece of land in America is possibly rite
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you enjey the rare privilege and pleasure of owning sizable
ranchland today, it can remain a private comer of America
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1981

Multitone awarded
£1M Horne Office
c.ont ract for rad io
pagers for firemen

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MaJtffrne asCVte:s:is"P.LC. .

Financial Times Conferences

WORLD FINANCIAL FUTURES
London — 13, 14 and 15 September

This World Financial Futures meeting has been arranged to precede the opening of the London
International Financial Futures Exchange. It comprises two major events, an international two-day
conference, preceded by a one-day training seminar. The conference will analyse developments tr
financial futures markets worldwide and- will focus on the views o£ the regulators and financial and
corporate users. The seminar will provide practical assessment of hedging, arbitraging and trading
techniques.

The speakers include: Michael Jenkins, Chief Executive. LIFFE; Geoffrey Gray, Senior Treasury
Associate. Occidental Financial Services Inc.: Leo Melamed, Special Counsel to the Board. Chicago
Mercantile Exchange; Robert McKnew, Senior VicePresident, Corporate Treasury Division, Continental
Bank; Commissioner Susan M. Phillips, CFTC; and J. Bereford Packham, Vice-President and Executive
Treasurer. United Brands.

UNIT TRUSTS — THE WAY AHEAD
London — 13 October 1982

Co-sponsored by Money Management and the Unit Trust Association this one-day conference will
assess worldwide investment possibilities, with special reference to the use of unit trusts. It will be
of particular value to financial advisors, Insurance brokers as well as unit trust fund managers. Under
the chairmanship of Mr Marie St Giles, Chairman of the Unit Trust Association, and Mr P. J. Manser,
Managing Director of Save & Prosper Group Limited, the high level panel of speakers will include:
Mr Mark Weinberg, Deputy Chairman and Joint Managing Director, Hambro Life Assurance pic: Mr
G. T. Pepper, Joint Senior Partner. W. Greenwell & Co.: Mr Vincent Duggleby, Editor of “ Financial
World Tonight n and “ Money Box,” and Mr T. P. F. Miller, Marketing Director, Framlingtoo

Unit Management Ltd.

All enquiries should be addressed to:

The financial Times Limited
Conference Organisation

Minster Honse ' ■ Tel: 01-621 1355

Arthur Street Telex: 27347 FTCONF G

London EC4R 9 AX Cables: FINCONF LONDON

y

This armouBCBnent appears as a matter of record only.

ELECTRICITE DE FRANCE

Dfls. 150,000,000

IDA per cent. Bonds 1982 due 1988/1992

Annual coupons August 15

Payment of interest and principal arc guaranteed by the French St ate

Algemene BankNederland N.V.

Amsterdam-Rotterdam BaniN.V.

BankMees&HopeNV
Nederiandsche MiddenstandsbanfcN.Y.

Herson, Heldrmg & Kerson N.V. — ■

Calsse des Depots et Consignations
Qedit Lyonnais

Goldman Sachs International Corp.

Kredietbank International Group •

MemJILynch International &Co. • ...

Union Bank of Switzerland (Securities) limited
’Westdeutsdie Landesbank Girbzenftale
- Yamaichi International (Nederland) N.V.

■fcfeiaar • • .. _ . .

A

. I

r H

Financial Times Monday July 12 1982

5! % .

i A

BBC T

6.40 am Opes University
(UHF oo9y). 1(XS5 Cricket: Tfcird
Test: The GorofaiU Insurance
Test Series. England v India
from the Oval. L05 pm News
After Noon. L32 Regional News
for England (except London)
London and SE: Financial Re-
port. 1.35 Postman Pat. 3.40
Yours Songs of Praise Choice.
4.18 Regional News for England
(except London) 4J20 Play
School. 4.45 The Space Sentinels.

5.05 Newsround.

5.10 Blue Peter Flies the
World: Japan.

5.40 Evening News.

6.00 Regional News Magazines.

6.25 Nationwide.

6.55 Triangle. -

7.20 Doctor 'Who and tie
Monsters. The Ice.
Warriors.

8.10 Panorama.

9.00 News.

9—5 A Celebration ' of 60
Years. Dinner with
Auntie. The Variety Cluh
Of Great Britain recog-
nises 60 years of. public
service in Radio and Tele-
vision 2>y tile BBC, Live
from the Dorchester
Hotel ' in London.

10.00 The Monday Fto “High
Plains Drifter," starring
dint Eastwood and Verna
Bloom.

11.38 News Headlines.

11.40 Taking the Strain.

TELEVISION

Tonight’s Choice

While the anniversary itself may be of some interest it is
difficult to show excitement over today’s BBC celebrations of 60
years m the .broadcasting business. There is an hour and 20
minutes of radio live from St Paul's Cathedral in the afternoon
and 35 minutes of television from dinner tables at the Dorchester.
Neither are likely to prove the high spots of the day.

Sample instead the talents of the late Arthur Lowe as the
pompous mathematics master in. a new comedy series A. J. Went-
worth BT on ITV. In the tide of sadness after his death it is
too easy to over-estimate Lowe as a comedy player. His success
was, in fact, in his casting

Unlike- the FaUOands, the Lebanon crisis is getting the foil
televisual treatment Tonight’s World In Action takes us to Beirut
and, in sharp contrast to an English boys’ ' school in the Forties;
gives us Beirut in its bloody present.

In fact Monday is usually an excellent day for radio. Start
the Week is a tempting reason to delay departing for the office
and PM (why can’t television do an early evening news like this ?)
an excellent reason for skipping off home early. Stick with Radio
Four all evening and you will not go far wrong.

ARTHUR SANDLES

BBC 2

. 6.49 am Opes University.

1020 Kay School.

125 pm Cricket: Third Test —
England v India.

625 The Great Blizzard of

1891

6.55 Six Fifty-Five Special.
720 News Summary.

725 -Golf:' The Open,

529 The Paul Daniels Magic
Si low. '

- 9.0© Sing Country.

920 Cavalcade . „ a A Back-
stage Stoay.

' 10.40 John Field.

10.45 Newsndght
1120 Cricket: Third Test—
Highlights. . .

LONDON

929 am Sport BHIy. 929 Inside
the Golden Gate. 10.45 Crazy
World of Sport. 1L10 Little
House on the Paine. 12.00
Cockleshell Bay. 1220 pm Rain-
.bow. 1220 Under Fives. LOO
News with Peter Sissons, phis
FT Index. 120 Thames News
with Rabin Houston.- 120 Van
Der Valk, Barry Foster, Joanna
D unham in “Dead on Arrival."”
220 Monday Matinee : Diana
RJgg in “In This House of
Brede." 4JJS Dr Snuggles. 429
■ The Sooty Show presented by
Matthew Corbett. 4-45 Watch All
Night. 5.15 The Electric Theatre
Show.

5.45 News.

6.00 Thames News.

620 Help!

629 Mr Merlin.

720 The Krypton Factor,

720 Coronation Street.

8.00 A. J. Wentworth, BA.
Arthur Lowe, Harry
Andrews in “A Day in
the Life <rf . > . ”

820 World in Action.

9.00 Quincy. Jack Khigman in
“ New Blood."

1020 News followed by Thames
News Headlines.

1020 Hit.

12.45 am Sit Up and listen with
Lord Shiawell.

-f Indicates programme in
blaek and white

AH IBA Regions as London

except at .the following times:

ANGLIA

925 om Cartoon Tima. 9.46 Inter-
national Dana. 10.16 Cftfos. 11.10
Herat Hare.- '112S- -Country . Paopie..
11.50 Wattoo, Wfltcoo. 120. pm Anglia
News. 6.16 Kff'rent Strokes. 6.00
About Anglia. 6.30 BtaBon. 9.00
Minder. 10.30 Anglia Reports. 11-00
ThrUJer. 1225 am Refleciion.

BORDER

9.30 am History the Motor Car.
9-55 Vicky the Va icing. 10.15 Ilia Grant .
Debate. 10/40 Anna and t toe King.

11.00 The Great Debate. ' 130 pm Bor-
der News. 1.30 Matinee;. "Ee« of
Sudan.” 3.15 The Grant Debate. 6.00
Look, a round Monday.. 6.15 Campaign.
6.30 Try for Ten. 10.30 Thr War. 11.60
Border News Summary.

CENTRAL

9.56 am It’s a Musical World. 10.46
Beyond Waatword. 11.35 Stingray.
1.20 pm Centra! 'News. 220 Pstmera-
town. 6.00 Central News. 1OJ0 Con-
trasts. 11.00 Central News. 11.06 Lou
Grant. 12.06 am Coma does.

CHANNEL

1 JO pm Chennai News. - 230 The
Monday Matinee: ~ Moment of Danger.**

6.1S Here's Boomer. - 6.00 Ch ureal
Report. 6 JO Happy Days. 9.00 Lou

Gram. 1028 Channel Late Nuts.
10.35 Aujourd "Hurt an Franca. 10.40
Feature Fikn: "Caravan to VaccerM."
12_25 am News and weather in French.

GRAMPIAN

9 JO am Firat Tiring. 9.36 Sesame
Street. tTO.36 Feature FHm: "Island of
tire Lest.” 1330 pm North News. 230'
Monday Matinee: 'True sa a Turta.”

6.00 Summer at Six. &30 Hands. 9.00
Minder. 10 JO Monday Movie: "Candi-
data for s KRIing" starring Jofu>
Richardson and Anita Ekbsrg. 12.15 am
Nofflh Hoadtinaa.

GRANADA

9 JO am The History of tit* Motor
Car. 9.50 Sport Billy. 10.16 The Greet
Debate. 10 35 Anna and She Kind.

11.00 The Great Debate. 130 pm
Granada Reports. 130 Monday
Matinee. 3.15 The Great Debate. 6.00
Mavis Benjamin. 6.30 Grenada
Reports. 9.00 Strangers. 10.30
Thritfer. TT.55 Superstar Profile.

HTV

9.55 am 3-2-1 Contact. 1025 Kum
Kum followed by Csnoon. 10/45
Ctappwboard. 11.10 Vicky the Viking.
T1.36 The Greatest Thinkers. 1.20 pm
HTV News. t2J0 Monday Marines:
“Rosa of Washington Square.” 4.15
Cartoon. 6.00 HTV News. 9.00 hitoder.
10-28 HTV News. 10.30 Soap. 11.00
Pottce Story.

HTV Cymru/Walse— As HTV West

except: — 11.10 am Battoy’e Bird. - 12.00
D»cw Mam Yn Dwad, 430 On Safari.
4A5 S*r. . 6.00 Y Dydd. 6 30 Report
Wales. 11.00 Noawaitiiiau Roc SAr.

12.00 The Medicine Men.

SCOTTISH

10.00 am Target the impossible.
10-25 Portrait of a VWage.-HUD Ore us.

11.15 Adventures of Parsley. 1120
Brass in Concert. 1320 pm Scottish
News. 230 Action and Adventure:
“Broken Arrow.” 6.00 Scope nd Today.
6.40 Crime Desk. 9.00 Minder. 10.30
late Cati. 103 E Police Story. 4

TVS

9.36 am See am 8 Street. 10.35 Story
Hour. 11325 Unremad World. 130 pm
TSW News. 230 The Monday Matinee:
"Moment of Danger.” 4.12 Gus Honay-
bun’s Birthdays. 5.15 Here’s Boomer.

6.00 Today South West. 6.30 Happy
Days.- 8-30 Lou Grant. 10.32 TSW
Lets News. 10.35 Postscript. 10/40
Feature Film: "Caravan to Vscarre*.’'

TTV

33S am UihmM World. 10.00
Friends of my Friends. 1025 Tamn.

11.15 The Real World. 11.45 Lorry "tha
Lamb. 1-20 pm TVS News. 230 Mon-
day Matinee: “A Work in tha Spring
Rain." 6.15 Watch This Space . . .
That-' Monday Evening Feeling. 5 JO
Coast to Coast. 6 30 Over tha Garden
WbH. 9.00 Mhider. 1030 HUt Street
Blues. 11.30 Jazz. 12.00 Company.

TYNE TEES

9 3D am The Good Word. 935 North
East News. 9.30 Hands. 9.55 Golfing
Greats. 1620 Cartoon Time. 10 JO
Bygones. 11.00 Sesame Street.
1-2D pm North East News. 2.30 Mon-
day Matinee: "Tha Bush Baby." 5.15
The New Fred end Bocnay Show. 6.00
North East News. &30 Northern Life.

9.00 Minder, 10.30 North East News.
1032 Thriller “Colour Him Dead.”
11.50 Get It (tight.

ULSTER

9 JO am Sesame Street. 10.30 Jaaon
of Star Command. 10.55 World We
live In. 11.20 Rocket Robin Hood.
11.40 Chttdren of Bfunoi. 11.85 Tha
Undersea Adventures of Captain Nemo.
130 pm Calender News. t2JJ0 Mon-
day Matin oa; "Seven Days To Noon."

6.00 Calendar (Emtey Moor and Bel-
mont editions). 6.30 Happy Day*.

9.00 Minder. 1030 Brass in Concert.

11.15 Journey to the Unknown.

YORKSHIRE

10.10 am Sesame Street. 11.10
World Leaders. 120 pm Lunchtime.
230 Monday Matinee: “North To
Alaska." 4.13 Ulster News. 5.15 FHm
Fun. 6.00 Good Evening Ulster. 6.30
Square One. 9.00 Minder. 1029
Ulster weather. 10.30 A New Kind of
Family. 1130 Pro Celebrity Angling.
1130 Nairn at Bedtime.

[S) Stereo broadcast {when broadcast
on vtrf)

RADIO 1

53)0 am As Radio 2. 7.00 Steve

Wright. 9.00 Simon Bates. 11 JO Dave
Lea Travis including 1230 pm News-
beat. 2LOO Paul Burnett. 4 JO Peter -
Powell Inddkig 5.30 Newsbeat. 7.00
Savin' Alive. 8,00 Richard Skinner.

10.00 John Peel (3).

RADIO 2

5.00 am Ray Moore (S). 730 Terry
Woo an (S). 10.00 Jimmy Young (S).

12.00 Gloria Hwnlfocd- (S). 2.00 pm
Ed Stewert. fS). 4.00 David Hamilton
fS). 6/45 News: Sport. 6.00 John
Dunn (S). BJ» Rglk on 2 fS). MU
■Humphrey- Lytotoon (SJ; MS Sport*

RADIO

Desk. 10.00 Funny You Should Ask.
10J0 Star Sound. T.00 Brian Matthew
wMi Round Midnight (stereo from
midnight). 1.00 am Encore (S). 2.00
You and tha Night and tha Music (S).

RADIO 3

8.55 am Waather. 7.00 Nows. 7.05
Morning Concert (S). 8.00 News.

8.05 Morning Concart (coni.). 9.00
News. 9 JOB TWs Weak's Composer
(S). 10.00 French and Spanish Music
(S). 10.56 Haydn Piano Trio* (S).

11.50 BBC Symphony Orchestra (5).
1.00. pm News. 1.05 BBC Lunchtime
Concert (5). ’ ZOO Ma three Muslctfe

(S). 3.00 New Records (S). 4.55 News

5.00 Mainly for Pleasure (S). SAD
Music lor Organ (S). 7J» VN— Tha

Great Enchanter. 8.00 Akfeburgh
Featival 1982 Part \: Britten. Walton
(S). S.4S Nonsense Novels. 9.00
Altteburph Festival 1982 Pert 2: Mozart
IS). 9.45 BBC Scottish Symphony
Orchestra (S). 1055 Camille Pissarro.
10/45 Jazz In Britain (S). 11.1$ Naws.

RADIO 4

6.00 am News Briefing. 6.10 Forming
Weak. 6.30 Today. 8.35 Ilia Weak
On 4. 8 A3 Giyn Worsnip In tha 8BC
Sound - Archives. • 9.00 News. 9.06

Start tho Weak with Richard Baker (S).

10.00 -News. 10.02 A SmeM Country
Living. 10.30 Daily Service. .10.45
Morning Story. 11.00 New*. 11.02
Down Your Way. 11/48 Ad Hoc
Cookery. 12.00 News. 12.02 pm You
and Youra. 1237 What Hof Jeeves.

1.00 The Woild at On*. 1.40 The
Archara. 2.00 News. 2.02 Woman's
Hour. Z50 A Service of Celebration
and Tlrinksgiving to mark the 60th
anniversary of tha BBC (S). 0.10 Fit
To Dive. 4.40 Story Time. 5.00 PM.

6.00 News, Financial Report. 6.30 The
News Quiz (S). 7-00 News. 7.05 The
Anthers. 7 3D Star the Week with
Richard Baker (S). 8.00 The Monday
Play - (S). 9 JO Kaiaidoscope. 10.00
The World Tonight. TO JO Science Now.

11.00 A Book at Bedtime. 11-25 The
Financial World Tonight- 11-30. Today
in PariiytMat. • 12.00 News. .

THE WEEK IN THE COURTS*®!*

Deptford: a vacuous verdict

SOME EXCEPTIONAL issues
are raised by tie refusal of ttte
TTjq^t Court to overture the open
verdict recorded at the coroner’s
inquest into the tragic deaths of
13 blade youths by fire in a
house in Deptford on January
18, 198L* They stem from the
peculiar nature of a coroner’s
function and from the profound
social and emotional feelings
that underlie the tragedy that
befell the relatives and friends
of the deceased, and aroused the
barely latent feelings of an
ethnic minority that the indi-
genous population appears indif-
ferent, if not racially hostile, to
their plight

The Lord Chief Justice and
his two judicial brethren first
held that, if there were irregu-
larities in the conduct of the
inquest, they were not material;
and if they were, they did not
go so far as to constitute unfair-
ness in the procedure.

The High Court readily
acknowledged the formidable
task of the coroner. He had to
face a battery of counsel com-
mitted to the cause of their
clients who were often, indeed,
not content to let the proceed-
ings be conducted by their
Counsel with the usual decorum
of a courtroom, but frequently
made noisy interruptions. It
Is more than likely that the
coroner had never experienced
an inquest that lasted more than
a day, never mind one that took
13 days to hear, with an array
of witnesses testifying to an
incident that had baffled the
police and would have exercised
the skills of a High Court judge.

It is little wonder that the
coroner found himself out of
his depth in handling a highly
sensitive case that called for
forensic expertise that he could
not properly be expected to pos-
sess. The High Court has said
that, given the exceptional
circ ums tances, he did as well as
could be expected.

The coroner is entitled to be
pleased at being exonerated

from some of the unjustified
criticism levelled at him. But
he can also ruefully remark
that the system ought not to
have exposed him to such an
intolerable burden. The case
for giving the Home Secretary
some power, in exceptional cases
of unnatural death, to order an
ad hoc inquiry, to be conducted
by a High Court judge or a
senior, member of the Bar is
overwhelming. That alteration
of the law should be made
swiftly, so that there, is no repe-
tition of Ihe indecorous scenes
before, and subsequent com-
plaints, about the Deptford
coroner.

The Lord Chief Justice was
not uncritical of the counsel
who appeared for the relatives
of the dead. Alluding to the
coroner's task. Lord Lane said
that the coroner conducted the
inquest “ to put it at its lowest,
without very much help from
those appearing on behalf of
the relatives.” That is more
than mild criticism, couched in
language that conceals Lord
Lane’s feeling that some blame
for the discord at the inquest
rested with those counsel.

It is always counsel’s duty,
above all, to represent his
client But he must not at the
same time obstruct the smooth
functioning of the court Per-
haps such criticism would not
have occurred had the tribunal
been equipped to handle any
situation that might hin der the
process of law.

Clients are always entitled to
have the counsel of their choice.
But there are times, when the
case goes on appeal, that coun-
sel are hampered by the fact
that they mar be the subject
of criticism in the handling of
their client’s case. How much
easier it would be for fresh
counsel to confess to the Appeal
Court that their predecessors
may have been unhelpful to
the tribunal, but nevertheless
the criticism of the tribunal re-

mains to be investigated. In
this way the sting is taken out
of the tail.

Counsel who are under criti-
cism, and then conduct the case
on appeal are bound to defend
and justify their own actions,
and in so doing they will deflect
inevitably from the strength of
the criticisms of the tribunal,
particularly if the defence of
their own actions does not find
favour with the court There
is a golden rule that cases in
the courts with political or im-
portant social overtones are
best not conducted by counsel
who are sympathisers with their
clients' cause. What the client
needs is the professionalism of
the Bar, and it is the politic*
ally uncommitted barrister who
often can offer the better ser-
vice.

The Lord Chief Justice went
on to say that the interests of
justice did not make it neces-
sary for the court to order a
fresh inquest Neither was it
desirable to reopen the investi-
gation “on any ground, whether
economic, social or humani-
tarian.” On grounds of eco-
nomy, there is much to be said
for not adding to the mounting
costs. At one stage of the bear-
ing last week counsel said that
no price was too high for attain-
ing justice. But if that is ex-
cusable forensically, it is more
than just hyperbole.

The costs of justice must
have some limits. We cannot
afford as a nation to pay any
price in order to satisfy the
individuals, or the public in
the administration of justice.
If, as seems clear, no inquest is
likely to answer the crucial
question of who started the fire,
the expenditure of more money
to come to the same conclusion
is thoroughly wasteful.

Humanitarian considerations
would lead one to leave no
stone unturned to satisfv the
families of the deceased. But if
so conclusion can be reached.

because of the fallibility • of
human institutions to uncover
the truth, their feeling cannot
unfortunately be assuaged.
Legal institutions are -limited
in what they can reasonably
provide to help in that healing
process.

Social factors, however, do
dictate wider considerations.
There is no escaping" the reality
that the failure of the relatives
To get the inquest reopened is
seen as part of a deep and
ingrained sense that this is
another example of Britain’s
overt racial discrimination.
Whether such an attitude is
reasonable, the fact is that
the black community (or a
sizeable segment of it) believes
passionately that, bad their
faces been white, the courts’
approach would have at least
been more sympathetic. It is
sad that such attitudes persist.
But their very persistence
demands that a host nation owes
to its immigrant minorities a
consideration beyond the
ordinary.

Even if a second 'inquest
would not reveal anything
other than the same, open
verdict from a coroners' jury,
that in. itself would be a gesture
Towards those who want an
inquiry that throughout retains
the evident impartiality that did
not unhappily prevail at the
earlier inquest.

That is why the’ demand for
the Home Secretary to order
an inquiry should he sympa-
thetically received. If the court
could see no desirability of
social needs to give satisfaction
to the black community,
there is every reason why
the Government should lend its
ear to a cry for a fair, second
hearing, irrespective .of the
chance for a less vacuous ver-
dict

*ft v. South London Coroner, ex parte
Thompson and others. Tinea Law
Report, July 9, 1982.

Justinian

RACING

BY DOMINIC WIGAN

WITH the World Cup ending,
it is reasonable to assume that
race-course attendances for
evening meetings will show a
healthy increase and certainly,
there are few pleasanter places
to be on a summers’ evening
than at Windsor.

Snatch and Run, an American
bred colt who has shown
promise in both his races, is
likely to get Lester Piggott off

to a good start in the course’s
Greenacre Maiden Guarantee
Sweepstakes (6.40).

Later. Steve Cauthen, who
still has an outside chance of
taking the jockey’s champion-
ship from Piggott, can strike
hack on Mama Leone in the
Woodland Stakes (8.00).

Two other possible winners
for Piggott are Tirawa in the
Rosemead Handicap (8.30) and
Sabre Dance in the Southlea
Guaranteed Stakes (9.00).

At Leicester, Bid Again is a
reasonably confident choice, to
land the Worksop Manor Stakes
(8.00) and The Quiet Don, who

has travelled up from Sussex,
will be well suited by the seven
furlongs of the Wigston Stakes
(9.00).

At Pontefract this afternoon
Mahabba. though not nearly as
good as might have been hoped
judged on her breeding, is
leniently treated with 8 st in
the Kellingley Handicap (3.15).
Java Tiger is likely to go well
in the Prince Handicap (4.45)
and Faites Vxte, who was a
creditable third to AU Systems
Go and Persian Glory at Don-
caster at the end of last month,
has Boccaccio to beat in the

Glass Houghton Maiden
Guaranteed Stakes (5.15).

PONTEFRACT

3.15— Mahabba
4.45 — Java Tiger

5.15— Faites Vlte

LEICESTER

8.00— Bid Again***

9.00— The Quiet Don* •

WINDSOR

6.40— Snatch And Run**

7.30 — Cardinal Flower

8.00 — Mama Leone

8.30 — Tirawa

9.00— Sabre Dance

COMPANY NOTICES

CONTRACTS AND TENDERS

NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS
(EDRr) IN

NIPPON SHEET GLASS CO, LTD.

Further to oiir noth* ol March 18. 1982. EDR holdura ait Informed that
Nippon' SbMt Glass Co. Ltd. has paid a dividend to holdan of record
March 31, 1982. Tba casft dividend payable Is Y»» 2.50 par Common
Stock of Yan 50.00 par share. Pursuant to Condition 4 of tho Terms
and Conditions tha Oipojiiirjr hu converted .
dsduodon of Japantss withholding taxes, into United States DoHars.
EDR. holders may' now present Coupon No, 1 for payment to ths
undenn notion ad agoffte.

Payment of tha dividend with a 15% withholding tax is subject to receipt

* isznj 'Sis ‘^sss^ii'uu’Ts:

tax treaty or agreement with Japan giving the benefit of the
reduced withholding rare. Countriaa currently having such arrangements ere

aa follows:

A. R. Of Egypt
Australia
Belgium •
Brazil

Canada ,
Czechoslovakia
Danmark

F.R. of Germany
Finland
Franca
Hungary
Ireland
Italy
Malaysia

Ths Netherlands

Nsw Zealand

Norway

Rap o( Korea

Romania

Singapore

Spain
Sweden
Switzerfand
United Kingdom
U.S. of America
Zambia

Falling receipt of a valid affidavit Japanese whhholdli
Mtt? rets of 20% on ths

win also be applied to any dividends unclaimed aro

ig^tsx wiK be deducted

nese withholding ..... — .

ale. Tho fuH rats of 20%
after Octobar 31, 1382.

Amounts payable in respect of currant dividends.

Dividend payable Dividend payable
less 15% less 20%

Japanese , Japanese

withholding tax withholding tax

Groa
Dividend

Group No. 1
EDR

denomination

1.000 shares S9-7T .. .

Further to tha notice ol March IB 1982 concerning the free

JJ'S’.r.il' £&£ <?■ JW’iff *8

STfflSre &S3S 5 Se*=*Sffl

In United States . Dollars pursuant to Condition & or tnau umix
Conditions.

PN , . Rfc D S^ Ut,iy: Cftlbsitfc (Luxembourg) SJL

XtlSSkS London WC2A1HB 16 Avenue Mari. iWo

July 12 . 1882 •

NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS
(EDRs) IN

AJINOMOTO CO- INC.

5 r s?t.? jar?

e ssr-esAiB

SSA ta ”“"7"" i u iJ“sS‘ n o.S r 01

by the DaptisltaW or tha giving tha benefit of. the

?duSd isffl. fcounirfM currently h.vmg each arrangements ere

as follows: tj,* Netherlands

New Zeeland
Norway
Rep of Korea
Romania
'Singapore

A. R. of Egypt
Australia
Belgium
Breed

Canada

Czechoslovakia
Danmark

F.R. of Germany
Finland
Franca
Hungary
Ireland
Italy
Malaysia

Spain
Sweden
Switzerland
United Kingdom
U.5. of America
Zambia

Wlln. r~.W - • vlW » ^"3*

Coupon No. 2
EDR

. denomination

10,000 shares

Great

Dividend

$196.07

Dividend p«gM»

Dividend DsyaWs

Japanese
wftfihofding tax

Citibank. NA* tun

3S6 Strand. London WC2R 1HB
July 12. TSB2

last

Japanese
withholding mx

Agaric

Citibank (Luxembourg) &A
16 Avenua Merit Theresa

ggfSSLs

Ar-ns. WWJ™, Citibank
ine 1979. notice
Raw of IntVTMt

Set wet the

I™1 Jaiwery.
£ 7 wlB ee

«\rusarssp , »*8

SS? 2Tc sSSb^i at

raJue *5* McfjNpee «4 ewrdinefr

otr.

NOTICE TO HOLDERS OF

REED

(NEDERLAND) N.V.

\Q% Guaranteed Bond* 1989

Copies of tha Anneal Reports of
Read (Neder»end> N.V. and of Read
International P-LC. can ba obtained
on request Iran:

The Secretary
Read International P-LC.
heed House, B3 Hccarfllly
- London W1A1BJ, England

INTERNATIONAL NOTICE OF CALL FOR TBOBtS

For the supply of

- MJNING EQUIPMENTS

- METALLURGICAL PLANTS

N°82/1 -82/2 -82/3-- 82/4 -82/5 -82/5- 82/7 -E2/8

Issued by fhe REPUBLIC OF ZAIRE
(La Gdn^rala des Carribres et des Mnes - GECAMINES)
for apojact which may be ftianced by iho European Economic Commurary, European Development Rind,
pursuant toUda 111 - Mineral products - of tha Second Lom6 Convention (SYSM1N).

Ftancfap

•FhBG o wnm trt oUhQRepteiacofZalrih taixMa nlQdtreq u e ti to

the European Ec ono mi c Community tor financing to cover fta
supples and services vMrti form the subject of the loflc v wng
Invitations to lender. The contracts to be awarded following ito
bwtetiona to tender are subject to the ft ia ncuifldedstons.

I.EBgtbBBy

The following are eBgble to tender on equal terms: afl nalural er
toad pamonaoUho Member States ofthe EEC and of tha Afncan,
Genbbean and Pacific (ACP) Stefas signatory to tha Second
Lom§ Convention. Tenderers wil be bound by Ihelr tenders fara
period of BO (tigs tram the riraa irait set far tee submission of

£ Stated

£1. Awfiatibn to tendarrf B2J1 (SC IP fOXJ
Supply, in ore tots, of heavy mtnln plant
LcrnM: - One a c.y shovel wkh a beadiof spare parts and
sUMBsantWea (10% and 15% e<3» valued tha
plant respecti ve l y .

-A nunber ot sovicas covering tha assembly of the
plant, training of the userand maMananca soS end

Lotn?2: -Four 3S t capacty buckets for underground
operation with a batch of spare parts and sufr-
O5sembaes(10% and 15% oMhevatee ol lha plant
respoctivaiy).

- A number ot services covering tha assembly of ttw
wpjpmeof. the training oflhe userand mabtananca
atertandtechnicaiasci stan ca.

££ tovttSoR So tondbrn” 8212 (EECN* 1B05)

in five tots, al ecp^mant for tha opera ti on of roatai-

Lotrfl: -Two 30 1 diesel kxamofivw.

-As an option, a aeries of u er vfca s cwerfng the
assembly ot the equuwnert. Refraining of otx user

and maWenancs staff and tadmicalssstitanee.
lotrf 2: -Twopneunatiertyrad loaders.

-As an option,* aeries of aenrices identical to fho69

Salad for ktrfil.

Lot 0*3: -Ck»550VeJedrfcbcaer.

- One 6^00 V aiectnc bdar.
lot iP 4: - Fire auric absorption units.

-AS an option, a senes of services coming 9»
aasemBy of the equpsnenrandlraininB tor ou- user
end maintenance salt

Loin'S: -Ona stationery 7 bare. compressor, metimum
capacity of 1 0 mVmn.

Each lot wH be suppled with a batch of spare parts worth 10?*
ot tha^ value ol tha ecnaspoexfing aquipmoti.

23.br/BatiantotBnit6rif 82/3 (EEC fFIBOS)

Supply. in 6 vb lots, dvefnetes. .

Lotn-1: -23 automata gear box dfesei-efipnud boos.

LoUT 2: - 33 das ri -wigWBd7-Bt lorries.

- 1 apmktng-SHeepinglanY.
l£* if 3: -Btflecai-englnad appmx. 12 1 toffies.

-9 mscefianeous tomes (trattere tetiis, tukK8,fra
and breakdown kntes).

Lot If 4: -WtfieaeFenghedMtffick-upvffiafca

- 25 dasef-enBtoedbtsBswilh approx. 24(^
Lotif5: -2S deaai-engined tight pWwjp «Udea. I t

Each totwti be supplied wfih abatdl of spare patowort! 15%
uf lha vffiue cf on corraspondng

Fbr «Btii of then lots, thaaupptar wil nctode as an epttea
eetaa of carvicas cowing tha tiffining oflhe martanaucostirff
sndtschninjMsiitenca.

ZA. Inyaedan to twrdarn'82/4 (SEC V 1BU7)

SwIytoMetols.ctraftrayerertJow’J;

toctf i: - t5.5fmef*acfc, MBnoiesrea.BCKpmfle.40ig^
toWi accessories (Ssh plate, beta, ctipa, vraatwre,

metal sleepers). ,

Lrt rf ft - 21 M snglo ttancwti far 1087 mm gupga tack.

2&lmtodlim!DtandarrPB2f5(EECN* T80B^_

bwttation to tenter far tMs^piy. none fata oCvericuanktag

Lotrf 1: -f cranewdhaeepac3yoff25tto4mmtefimim,8nd
JOttolOmminimuiL

Lotrf2:-4 mobto tSeoel compressors (20 nf/rtiin -
7 kg/cm 1 )

-1 tnobUo ties al coayr a raoi (8) nfVtrtn -
. 12 kfl/cm*)

Lotrf 3: -i 250 kVA- 2200V three phase generating sffi.

Lot if 4: -7 hydraufc: ska cranes with a capacity of epprax.

15 1 at a wcrioig radius ol 3 m.

LotrT 5: -3toric-tiiBucks,capaeilyof4^t
-fgr^>- type Bt truck.

Lot n*6: -4 nydractie arms to be mourtedon aread^oina
lorry.

Lotrf 7: -t unit far carrying out e haartest s on rock.

Lorn’S: -36 traction anginas, 600 Vdc.

Lotrf s: -2 Caiapater tradj farm sets far a CataipBar D6
Dozer.

Lots Noe 1 to 6 must each be provided wBh a batch of spare
parts and subassanbSes worth 10% and 15% respectively d
tha valua of tiie corresponding equipment.

For lots 1, 4 and 8 the supplier wt indude ate an opSon the
presence of a spadaSst ttlar far the oommissiQnlng of tha
equpmenL

Fter lots 1 and 4, ha Mt also Indude, as an option, training of the
user end nutin ta n an ca staB and technical assistants.

2S. tmaaBon to tender rf 82/6 (EEC «* 1809)

Supply on a turnkey basis ol a sdphtric add production urft
afongdde the existing insafeiions already operated by

GECAMtNES at SHTTuRU, < ‘ ' ’

ofZBaei

. near USAKL in the SHABA region

£7. bwtution to tBnderrP 82,7 (EEC f>P 1810)

The supply of a -turnkey” dust tBtering unit far the traatmerd of
smoke amsed by 2 Water-Jacket (WJ.) ovens in operation ar
Ihe pynMiaUSuglcal pints for die processing ot concenoataa
of cupiferous otinerffis wftah GECAMMES nuts at LUBUM-
BASHL

2J8.hv8atlontalanderrP82/8(SCN l, 18tn

The supply ol cartein "turtoBy" aqdpmari thal is to be used h
an axisfeng capper ntineral crushing un< situated at qnwtd
lovel in a plant operated by GECAUMES at KAM90VE, near
UKASl h the SHABA regiort.'nto cafl for bids has two parts: .
Parti: - A cashing mB with Jews and dot&teBttioo capabBny
far tie primary cutting of copper minerals (MgNy
abraswa materials) which is able to process al fid
capacity 500 l/h (with no by-pass far line minerals).
The crusfmg mi to to be bid for as a compteie unit
IftduiSng certain adffifional egufamert.

Pert 2: -Aduffi trade trevefflng crane. 35/5 LcompletB, except
farlhetn i tf ofti igcacurt and die trade which are already
located In an exsting bunding and which ere to be
re-used.

g. bnWtad to tender dossier

Tha fnvttafion to tender dosser, which b in French, may be
obtained on ap^i cai ion to:

—La Gtaaratodn Cantos stdes Urea, BP45H LuhanbaaM
(RapubtaofZaee)

- La GUnftrato das Caffifaes atttos Mnea, BP 8714, Khshasa
(RBputacotZan)

- La Generate dee Cani^nwetdes Mines, 56, n® FhqraJa,
B-IOOOBnasafafBei^wnj

which wfi also be abfo to supply any BddSone! Womrfcn.

— Ctxnmisatort of fire Euopean Communities, Direetorata-
GanBffitorDevatopQMnLmadDkIoi l 2tto-B-l049BniBsab

4. SttotffiMk naffaratoa
Tendes must raadt:

MonafenrtoPrasMent-DtiMgiitiGAntirtf delaGKAIBNES

BJ L450 - Ldumbastri ■ RtipubHque du Zaire

by 1 100 hours iocalane on 23.8.19S2 at the latest ft* - tendera

Nos 62/1 - 82/2 -6Z/3- 82/4 -82/S,

and at the latest on S0£1S8% by 11J» houa fatal fans far

tariffs Nos 82)8-82/7 - ffi/8.

Tenders ba opened 'm ptatie In LubunbasN, at 14.00 hours
local tuna on 23 - 8 . 1882 oron 20^.1 fafioimng the case, h the
matting room Cf tha P e tegm on Gfawrato de to GECAMNES.
boffinaffi KwanyaJa. Zone de LubUBbnffi.

NOTICE TO CONTRACTORS

National Electric Power Authority,
Lagos /Nigeria

Pre-Qualification for Additional 330kV
and 132kV Transmission Lines

The National Electric Power Authority (NEPA) intend to carry out
additional 330 kV and 132 kV transmission lines througout Nigeria.
This YkUl involve the design, manufacture, supply and erection of
approximately 450 km 330 kV lines and 540 km 132 kV lines in
different parts of the country, divided into three lots. More details
can be obtained from NEPA ar their consultant Motor-Columbus,
Baden, Switzerland.

The Contractors wishing to he considered for pre^ju alification are
invited to write to NEPA or Motor-Columbus .and give the following
information:

(a) Contractor's financial status, organisation, personnel,
equipment and plant.

(b) Contractor’s experience in similar works in Nigeria or
similar countries: extent (of each contract specified) of
330 kV and 132 kV transmission lines, relevant employers,
consultants and periods of construction.

(c) Number of lots the Contractor considers himself capable of
undertaking. This should correspond to the Contractor’s past
experience and present capacity.

(d) Staff: number of engineers, technicians, foremen, skilled and
unskill ed workers (separately).

(e) Manufacturer: name of electrical equipment manufactured
if bidder is a manufacturer; if not, bidder should state name
of manufacturer of equipment to be offered and the
relationship between bidder and manufacturer - with
supporting evidence.

(f) Incorporation:

—if incorporated in Nigeria, submit certificate of
incorporation;

—if a joint venture or partnership submit clauses of
agreement;

— if this is the first job in Nigeria submit evidence that
arrangement is on hand to comply with part IX of the
enterprises promotion act that requires incorporation
within twelve months.

The Contractor’s request for pre-qualification should be sent to one
of the following addresses, in order to arrive by the 1st August, 1982:

National Electric Power Authority
Electricity Headquarters
24-25 Marina

Private Mail Bag 12030, Lagos, Nigeria
Attention: Mr. Okaru, Assistant General Manager (Engineering)

or

Motor-Columbus Consulting Engineers Inc.

Parks trasse 27
CH-5401 Baden, Switzerland

' Attention: Mr. W. Weiss, Dept L

MANAGEMENT

Financial Times .Monday-July 12- 1982

EDITED BY CHRISTOPHER LORENZ

How Wilkinson Sword sharpened its thrust

BY C UNCAN CAMPBELL-SMITH

V-JT TAKES an unusually confi-
i. dent chief executive to treat
future growth as a management
.--option. But that is exactly the
y' approach of Allegheny Intema-
-tional’s Robert Buckley.

,-i He has summoned the top

• -executives of the diversified
U.S. manufacturer— and parent
'of Britain’s Wilkinson Sword
L " — for a special two-day meeting
at the end of the month solely
“to decide Just how his they
want their company to be.

Nothing better illustrates the
.remarkable management style
\ "that. characte rises the Allegheny
K ‘ 'group. It suggests, too. a degree
.. of planning and resolution not
■■■; always associated with VVilkin-
;\.*on Sword in Its last years of
- independence (as Wilkinson
■ Match) before September 1SS0.

In the late 1970s. when the
idea of the acquisition was first
/ .mooted, the management dif-
/■ .Terences between Allegheny
■ and Wilkinson seemed only too
evident. But this was only a
small part of the story.

By the time the union was
finally consummated, big
changes were already under way -
in the British company. As a'_
result, Wilkinson has lived- up_
to the part assigned it in lHSn
-by its American parent— and in
' some respects has gone beyond
. 'it — that is to play a more central
.role in Allegheny's future.

Buckley. Allegheny's amplv-
Vramed executive chairman,
'thinks that the future is most
likely to entail a modest doub-
ling of total group sales to $Ubn
,by 1987. That means a 7 per
.cent real annual growth rate

• assuming 6! per cent inflation
for the period.

Sharp minds in tandem at Allegheny International and Wilkins on Sword: Robert Buckley (right) and Christopher Lewinton

Amazed

“That’s as measured by the
_GNP deflator in the U.S.," ex-
plains the chairman. “If in-
' flation's higher than 61 per cent,
I will really be amazed."

Buckley gives the powerful
'Impression of a man seldom
amazed and clever pleased to
be so. Surprises should be re-
■stricted to the concert hall —
'he is president of the Pittsburgh
Symphony Society. “ my beloved
'orchestra " — but kept clear of
-the boardroom.

-• Firm management, as it were.
• should kill all known surprises.
--‘You must make the decision;
-•making it is more important
Ithan getting it 100 per cent
right’'

Buckley himself could fairly

be described as having made
and implemented one of the
more cerebrated decisions on' the
recent, U.S.Jnd us trial' see neV _ .’J

He .took, charge of the largest
speciality manufacturer in the
whole U-S. steel industry' in
1972 — and' put - forward' a
.strategic plan three years later
to relocate Allegheny Ludlum.
as it was then, outside the steel
industry altogether.

Buckley stuck to this aim
through a tumultuous five years,
acquiring a succession of major
companies. Then, in a $195m
deal m 19S0, he finally sold off
the sleel business itself.
Founded originally in 1854 and
by 1980 still the second largest
speciality steel producer in the
world after Nippon Steel, the
division at the end was account-
ing for only a quarter of
Allegheny's' gross revenues and
as little of its earnings.

In acquiring Wilkinson
Sword. Allegheny and Robert
Buckley embraced a company
which had attempted in its own.
rather smaller, way to effect a
similar transformation.

Over the 1977-80 period, how-
ever, it had become increasingly
obvious that Wilkinson Sword
had run into serious manage-
ment problems in the after-
math of its 1973 merger with
British Match Corporation. (It
was actually British Match
which launched the merger

with a £19m bid; the resulting
conglomerate was Wilkinson
teatph, now renamed Sword j.

— The relevance of the 1977-80
years is that Allegheny's final
acquisition push in 1980 con-
cluded a long and complicated
■story— now - brusquely bat not
unkindly dismissed by Buckley
as three years of ‘‘irrelevant
bickering.”

The style and direction of
Wilkinson's management had
more than once over this period
been the target of public cri-
ticism — and most notably of
some barbed. Parthian shots
from a departing Denys Ran-
dolph who had been sacked as
chairman by his fellow directors
in September 1979.

"I have believed for some
time." said Randolph that Sep-
tember. when Allegheny still
held only a 44 per cent stake,
.“that there is a 'basic weakness
in management.”

The man from Pittsburgh has
always agreed with this verdict.
** Wilkinson was suffering from
too many management people
getting in on Die act," says
Buckley today. “There was a
tendency for senior managers
to second-guess themselves and
.lose their confidence when the
going got tough.

"T hate to say this because
it's so often said of the British.
But people in the company were
talking it to death.”

It has been getting a good
hammering, too, from people in
the City. Shares took a bump
’down to 140p when Randolph
left. Nfne months later, at the
end of June 19SG. they were
115p and still on the slide.

After another three months
Allegheny stepped in and paid
187p cash for the G6 per cent
of the equity it did not own.

The U.S. company’s motives
were various and unsurprising.
Wilkinson appealed as the
nucleus of an international
business in consumer products.
And the shares were cheap;
Allegheny had bought its first
29 per cent in the company in
1977 at 260p each.

Carnivore

But Allegheny had some
other, more immediate incen-
tives. Ore of them, ironically,
was Randolph's own departure
and that of other key execu-
tives in his camp.

The dominant influence in
Wilkinson’s boardroom ever
since has been Christopher
Lewinton, now its chief execu-
tive and a member of. Alleg-
heny's own board since early
1978.

Lewinton ran Wilkinson's
U.S. subsidiary from 1960 to
1971 and there lingers about
him the unmistakable aura of a
business carnivore, American-

style. When he sits at the table
with Buckley, two carnivores
together, the meeting of minds
is very evident.

Like Buckley. Lewinton has
a penchant for the Incisive man-
agement strategy. Whatever
Randolph’s criticisms of the
team be left behind, Lewinton
knew exactly what he wanted
to do with Wilkinson.

Buckley was well aware of
this. How much he and Lew-
inton discussed their ideas
together before September 1979
is less Sian clear. But once
Lewinton was in the driving
seat. Buckley saw no reason to
sit back and watch the Wilkin-
son boardroom's second-
guessing game go on.

He liked what Lewinton had
in mind— “a very good plan”
says Buckley today — and if
Allegheny had to take 100 per
cent control in' order to protect
the plan’s future, its chairman
certainly had no objections, how-
ever much he still descries
himself somewhat disingenu-
ously as “the reluctant
bridegroom

It all came down, again, to
decision-making. “AHegheny
"brought along the conviction
that a good idea is worth
pursuing’’, says Buckley. “Our
contribution was to make them
stick, to it and. see the thing
through ..."

A good start had 'been made
in 1980 even before the cor-
porate wedding. “We looked at
their information and account-
ing procedures and 70-80 per
cent of them stayed un-
changed, 1 * says the Allegheny
chairman. Adjusting the new
subsidiary to its US. parent
group was “ allinbst' a non-event
—integration nowadays is so
disciplined by tile computer.”

After the wedding, the plan
went ahead la earnest. Lewinton
describes ft as, essentially, “a
programme to shrink down Wil-
kinson Sword Into its best pro-
ducing units, to trim aljl its
product lines and to reassess
and consolidate - its inter-
national position."

In its razor operations, for
example, Wilkinson found itself
coping with no less than 140
product variations— 4TOm dif-
ferent colours -of packaging to
different model designs. This
was cut to fewer than 60.

Similarly, WOMnson’s entire
Shears Hue of garden tools
was redesigned; half the
variations on basic models of
its primers were. eliminated.

Buckley insists that
Allegheny had . tittle to teach
Wilkinson . about consumer
product manufacturing and
' marketing— quite the opposite,
indeed.

But if the UjS. parents in-
fluence was minimal, the' plan
bears a striking resemblance to
past Allegheny practices.

Buckley says he likes to see
no more than six levels of
management between himself
and the fellow on the shopfloor
in any Allegheny operation. In
1980, Wilkinson had 21 levels
in some areas and an average
of about 11. Lewinton says he
had already planned to change
this; -today; there are six levels
in the British subsidiary.

- Redundancies throughout
Wilkinson's global operations
have been swiftly implemented:
3.000 in 1980-81. 85 per cent of
them outside the UK “Fewer

- and better people is what weTu
after,” says Lewinton candidly.

Research and development
also . went .the way of past.
AHegheny operations. It was
cut np into smaller divisions to
put the engineers closer to .the
sharp end of the ; businesses
they were supporting. “ Quicker,
leaner and nearer the bottom
Sine” in Lewdnton’s words —
though they might just as well
have come from Buckley.

. WRkinson Swnrd, In short.

has had a good dose of the
management style which trans-
formed AHegheny so compre-
hensively in the 1070s. The
result today is an Allegheny
subsidiary contributing to the
whole group in three major
ways.

Two "of these are much as
one might expect. Wilkinson's
various businesses have firmly-
underlined Allegheny’s move
into utilitarian consumer goods,
particularly in the kitchen and
the garden. And at the same
time they have helped
Allegheny’s expansion outside
the U-S. — Wilkinson accounts
for about 40 per cent of the
whole group’s $lbn interna-
tional sales at present.

The British company’s third
contribution, though. gives a
nice twist to the triumph of
Buckley's management style.
Wilkinson has shown Allegheny
the way ahead in Its consumer
markets — and Christopher
Lewinton has' achieved an
importance in the Allegheny
boardroom, as head of its Inter-
national division, which goes
far -beyond his role as Wilkin-
son’s chief executive.

Crossflow

TECHNOLOGY

“ We didn't really know how
to fix a sick consumer com-
pany,” says Buckley, describing
the crossflow of ideas between
London and Pittsburgh. “We
just watched • Wilkinson."
Lewinton’s growing respon-
sibilities now include the
overseas side of Sunbeam Cor-
poration, the U.S. kitchen and
bathroom appliances company
which Allegheny acquired last
January.

Today, Buckley and Lewin-
ton together have ambitious
international plans for
Allegheny. There will be more
European acquisitions in spe-
cialised industrial manufactur-
ing, as the group strives to
concentrate on technology—
rather than price-sensitive mar-
kets. Above all. says Lewinton.
“we want to take around the
world some U.S. domestic busi-
nesses with unique technolo-
gies.”

All of which leads back to
that haste. . question of - . size.
Lewinton' will be' one of nine
group executives meeting with
Buckley in Pittsburg at the end
of the month. Over two days,
they wiR decide Allegheny’s
future growth rate. Then, to
judge from the track record,
they win stick to their decision.

EDITED BY ALAN CANE

Management

abstracts

The Ideas o l Frederick W.
Taylor. E. A. Locke in The
Academy of Management
Review (U.S.). Jan 1082
Evaluates Taylor's phuo-
sophy/methods, and concludes
that a good many of his ideas
are accepted by present-day
managers: asserts that much of
the criticism is based on a mis-
understanding of the precepts.
Introducing new technology into
the office. BACIE Journal
(UK), Man* 1982 ■

A useful series of checklists
of points to bear in mind, rous-
ing from technical cons s dera-
tions through recniitmeut/train-
mg to ergonomic factors; there
is a post-script list of questions
to ask after implementation.
Chief executives and the para-
dox of power. D. C. Calabria
in Business Horizons (U.S.l,
January/ February 19S2
Suggests reasons why the
power of top executives is
limited; notes inherent “ traps "
(ex “ filtered ” information that
gives managers only, half the
story — perhaps the wrong half),
and outlines- how to. recognise
them; advocates alliance with
the personnel officer, and recites
mutual advantages of such co-
operation.

Impact of the foreign corrupt
practices act. S. L. Caron in
Journal of Contemporary
Business (UJS.), Vol- 10 No 3
Recounts examples of com-
panies embroiled by fee legis-
lation against use of bribes
abroad, and draws a moral from
the fact that no other country
has followed the U.S. lead. The
British “ are very aggressive in
paying bribes.”

Structuring capital spending
hurdle rates. A. H. Seed in
Financial Executive (U.S.,
February 1982

Admits that the use of
minimum hurdle rates for
capital investment seems to he
confined to very large com-
panies, and that even they tend
to use round number rates;
argues fee case for hurdle rates
(in prcticular, multiple rates)
capable of dealing with different
investment opportunities;

demonstrates how rates ean be
built up from a base cost of
capital, an adjustment for risk,
and an adjustment to reflect the
strategic importance of an
investment

These abstracts are condensed
from the abstracting journals
published by Anbar Manage-
ment Publications. Licensed
copies of tlte original articles
may be obtained at £2.50 each
( including VAT and p+p:
cash with order) from Anbar.
PO Box 23, Wembley HA 9
SDI. -

Speech

Texas to
shorten |
design time ;

-TEXAS INSTRUMENTS of ihe ;
-U.S. this week began n new I
■service in the Far East deigned .
to shorten design* o-pro dec lion \
-Jime of fast-moving product?
incorporating •.■ompulen.y/d j
sound and speech funcSionj.

Steven Howard. Texas In^tru- j
Diems' merchandi>in? manager '
for Asia, said a new Inol called
-the “ portable analysis synthesi j ;
-system” iPASS'i. will a llow-
manufacturers of “speakinc"
games, computers, and even
"elevators lo start full produ*;- ,
•tion of new items within '

weeks of conception. :

The PASS tool, develnped in
■the U.S. and about the s.ze »>: a
-small case, slows. TI’s •inj’ineers
to prepare a computerised
record of desired sounds end
words right in the customer's
office and to deliver sample
microprocessors *-omair.in^
those sounds within hours.

Previous system- required .
customers to record sounds or. •
tape at a TI semcv c-.nire. The .
tape then had tw he sent to
either Japan or the V.S.. v/licre
sample integrated circuii.s were
prepared. The picK-ess nuciu
take several v;vi-5:s for the
sample alone, he said.

Hand-held sjbiin witii belt.. •
whistles, and voi'.es that tell the
player whether K-.* won or las;
are amom: popular items made

in the Far Essi incorporating ■
Synthetic Sound. 1

But items such as computers .
that “speak” in either Chinese 1
or English are also in this '
category, a-, are “ speaking '
elevators ihar annource flours .
and speaking tolovr'ion lira:
reminds the user rn turn off the
gas at night.

TI's design ser icc free :o '
the customer. bu! /J charge., t‘,12
to SIS each for each sample r.e: .
of chips including voice and '
synthesiser chip- and central
processor. Chnr;i”> for the

chips are considerably lower in

quantity production.

- More than ten companies in
Taiwan now u-e TI synthen-:
speech in ihirif products. These
include two Chine.ii'-lan^u.!.-.'
computer syslvms that “Apeak “
‘the Chinese words as '.he opera- 1
tor keys them in.

_■ Although the Asian debu* '
was in Taiwan, tin* PASS
sen-ice will also be a*, a liable at
TI design and .so r. ice centres 1
.as well as sales office.-, in Hong :
Kong. Seoul, and Singapore, in
addition to Taipei.

How Europe’s largest resistor manufacturer is diversifying to grow

Welwyn moves actively from passives

Lasers

BatteUe’s

laser Xrays isMiiRSO

BY ELAINE WILLIAMS

WELWYN ELECTRIC.

Europe's largest resistor manu-
facturer. has embarked upon a
mu-Nivu diversification pro-
gramme in electronics com-
p.uienis and assembly tn ensure
it.- survival in the world eum-
p»«nents industry.

From irs original base in
resit in rs. Welwyn has grown
to be-. unit- an important hybrid
uircuit maker, flexible printed
circuit board manufacturer and
larv'- custom assembler for
printed vrreui* boards. It also
distribute* mi crop ruces.su rs.

Welwyn, part of the Royal
Y.' i reester group, claims tn hold
m-.n- then 3fi per cent of the
V.e>t European resistor
marker.

Dvsp:ie the relatively
o\ prorsed market for passive
• •■iMpjneti^-. Welwyn has
rr,: lugcd to remain profitable
jrd presently has a turnover
of about £2ftm.

Bu; these days selling stan-
dard components such as
res: and capacitors is a
very cu'.-ihroat. cost conscious
bu;ini*:a competing with Japa-
ne.-<? and U.S. companies. To
ru.-i.T3ii; a competitive edge,
con; primes -ike Welwyn need to
cun' in iid I iy invest in more auto-
uii’e.i manufacturing equip-

R r. on i: sper.t £lm on new
equipment for its divisions.
E;r.p:u' men; at its major piant
a; B'.'-jLr.nion near Newcastie-

; .’■riv:;';- -

n

r. • .$&*■

' - i? " \ J
.-’•v, .v: V*

Bk. - -JS.fr-T.i. tmurri+n ***■ i' ■■ xilaUtt

Most electronics companie- v;iii men -j fact u re printed circuit
boards using plated holes ihrou'.u which components' leads
are inserted, followed b> auiomalic testing techniques.
Advanced hybrid circuit* sw-il u new approach to manu-

factun

on-Tyne ha* dropped by a.-.vr.d ■- •.
400 to just uver 1 f-Mj r.\ c : ~ :

past few years. ;

Mr John Kernn. c:;u rn..-
Welwyn Electronic, “be v
breila oraanisation i :r •'-■? :r
group’s fllecimmc-. z-;‘ :v. •?*
said that hi- a:n; v;j> ‘o red - \-
ihe company's depercen-.-* r.

selling standard coTupor-.-r--
present, just under on yer •••?:;
of the business con;-.*:

•. i u i ;; L i p j red w it!;
r r- i!:;.-. repreienLs

; •••gr.’.rcanr decline.

7.;;.- !)—.• r achieved by

r -'.en*rr;;n: •- -;T.-.r;.- r.n the
' ' r- LC-.um.-rd -.-ircjits juch as
r..i:ure r riR'-d i.ccuir buurd-
.-.r.; -rv.-k ; :.d 'h::; byhrd
r r.elou^e- -rd iiove!r>p:a - ’
:.v pi-i’-e ci.mp'inentj
• re ca r. r. e**: d n • » he m .

of the business con;’. ,: v.-.:n u m<ve

standard .resistors c-nd Ir.v. r r'.-C i.Aj on assembly

of circuit boards for computer
and telecommunications indus-
try and an expansion of its
existing flexible printed circuit
board business

Outside military, aerospace
and few other specialist applica-
tions most electronic circuits
are made using conventional
assembly techniques. Passive
and active components which
have. leads or metal legs which
are inserted Through one side
of a printed circuit board and
then soldered to 3 metal track.

As with microelectronics,
however, it has been possible
lo shrink the size of the pas-
sive components — the risistors
and capacitors — and ihe printed
circuit boards onto which they
are mounted.

It is in this area that Welwyn
wants to expand.

These miniature circuits
mainly use thick and thin film
hybrid technology. Thick film
in j screen printing technique
using resistive and non-conduc-
tive pastes squeezed through a
patterned screen onto a ceramic
substrate. It is a technique very
similar to conventional screen
priming.

Thin film, which can produce
-mailer circuits but is more ex-
pensive, is based on a photo-
graphic process akin to that
used for making silicon chips.
With thin film it is passible
to nuke tiny arrays erf transis-
tors. Often the two technologies

ate combined wife . tiny fein
film circuits mounted onto thick
film substrates.

Coupled with this, miniature
resistors and capacitors called
chip components have been de-
veloped which have no metallic
legs bat are simply glued to
the surface of the printed cir-
cuit boards.

There are many advantages
In using chip or leadless com-
ponents including space saving.
It is possible to increase speed
of automatic assembly of
printed circuit boards and few
holes have to be drilled on fee
boards which again leads to
more space saving.

However widespread applica-
tion in the electronics industry
is hampered by fee higher cost
or the miniature passive com-
ponents and fee need to invest
in new types of printed circuit
board assembly equipment

In the UK market hybrids
account for only about 5 or 10
per cent of fee - total industry.
It is only where space and
weight considerations axe the
overriding factor' — such as in
military’ and aerospace applica-
tions that it has been widely
exploited. '

By contrast in Japan, use is
made of the sophisticated parts
where very high volumes of
consumer products are re-
quired. In the -UB. more than
half the resistors made are of
the chip variety.

Telephone exchange aims at small businesses

ITT takes advantage of telecom liberalisation

HOT 0.\' the i rail of the newly
hbtrr.il Led private automatic
branch exchange (PABXi
rnerke: is ITT Business Systems,
with the announcement of an
.ill-di.'ita! machine called
GCSijiiO.

The exenange will suit com-
n'.niv- needing between 50 and
300 extensions and it embraces
‘he •• under I’JO line” market
wr.jch until recently was a
British Telecom monopoly.

A'-cord:«s to Peter Benstead.
ITTBS sales director, this
segment of i he PABX - market
will be worth about £60m a. year
by ihe end of 1983. He sees

BT'« Monarch iJu "i !•'('• ; r
as “the only real comps'
until next oprin;.

ITT claims :h=: .

systems offering cor.;;::
facilities, the QC ; •
compaci, occup>iif» no r.
surface area ‘.hax c r.
cabinet.

It can feus be eas.iy rib-..-:
into the a'.era;? o-T:-.-;. v.V:
on ihe other hand. ;■
mg an old ele-. f ro:!t-:. ; ;
model in an excitsr.de ronr.
can readily be acco.T.moda’e
make the change-over

The line circuits men- tv
conirol equfpnter.t. ar*

.-Ehin--- which car. be

?rtical!y ‘c -j sox: mum

,.jj>i 0 y I,
i D'i^ has.nc only
lltVdr.i ;nr a r initial
V. i,.;0 lines’ or

.!■'< or? needed,
'.-n i- v -,dd?d.

; • :< •• purely

«i;*.

r'!;-' r - *. j v ; .1 *.*.* i j ) hi*
'-•--r io tvok 7 than
•. .y.i.' nr: ecu ti ter*
• :i--.h;m- after

... i- r .!!;-rjii.-..tn):t.
. re ,'re.» .. main: j in

. "il‘ Olit K>it

^ r* .

i:i-jc will

fit well into the forthcoming
national / international elec-
tronic digital transmission and
switch mg environment.

OCS 300 has all the features
now generally associated with
stored program electronic
switching. For example, a caller
C 2 n “ camp on " to a busy exten-
•'ion. put his phone down and
ho recalled when the extension
is free.

Or, he can ” park " an mcom-
in^ call and walk 10 another
extension to pick it up there.
He can have abbreviated
dialling, in which 20 digit often-
used numbers eon be reduced to
two or three, or he can have all

his calls diverted to the

operator.

Trunks can be barred from
certain extensions, three way
conference calls are possible —
the list is considerable.

The exchange can also look
after itself quite well. It con-
tinually monitors its own per-
formance, wife faults shown on
an operator’s display. It can
even be monitored remotely
over a phone line from a central
ITT sevice base. The repair
man, if needed, can then come
with exactly fee parts he needs.
More on 0273 507111. ;

GEOFFREY CHARUSH

UNDER a one year study
programme for fee UJS. Air
Force . Battefle’s : Columbus,
Ohio, laboratories are attempt-
ing to use laser generated X-rays
to etch semiconductor patterns
at 100 times fee density
obtained on most large- scale
integrated circuits at fee
moment.

The high energy of a laser
beam is used to generate
secondary X-rays from a target
The rays then illuminate the
mask and etch a corresponding
pattern on a thin film of
material below:

There is a “ chemical
reaction" in fee areas exposed
to the X-rays and after develop-
ment this forms -a layer of ah
integrated circuit.

The limit at the moment in
circuit production is fee wave-
length of fee ultraviolet light
used for this exposure. The
tight is diffracted very slightly,
but enough to blur fee pattern.
Because X-rays have such a
short wavelength the diffraction
is less and finer patterns can be
created.

Apparently, fee energy : and
intensity balance .of the X-rays
used are such as to allow a fast
exposure rate for full scale
manufacture.

Dictionary

Jargon

explained

THE ENGLISH language and
rapid technological change do
not make particularly Trappy
bedfellows. The layman seek-
ing a simple explanation of.
say, how a microcomputer
works, is often treated to a
barrage of technical jargon
from experts which only
bewilders him further.'.

Even engineers, it seems,
do cot always see eye to eye on
meaning. Graham - Langley,
while evaluating telecommuni-
cations tenders for Gable 'and
Wireless,., found that differing
interpretations were ' res-
ponsible, for wide variations in
the costs quoted by ’manufac-
turers for identical items.

This discovery led Hr
Langley, now ah executive wife
British Telecommunications
Systems,, to start compiling his
own list of definitions. ■ The
result is Telephony’s Dictionary
of ' Telecommunications, a
glossary of technical terms. 1 ■ -

bjg»idrpse.swmxjn. a dtsjmei

Programming

Helping

investment

decisions

FT INVESTING readers might
be forgiven for doubting
whether ariy computer program
and database could ever be
clever enough to give perfect
advice about the tuning of share
purchase or sale.

The proponent? of a new
system called AID do not claim
infallibility either but they do
say. that investors' decisions
“ can be significantly improved."

Analysed Investment Data
Services of Stockport (061 477
.1069) after several years of re-
search has amassed a data bank
of world wide investment intel-
ligence which, it is claimed, can
answer many of fee questions
feat investors normally ask.

Opportunities

The company emphasises that
the sendee goes well beyond
merely providing -current prices
'and . financial news and can
identify opportunities and fee
correct time to exploit them.

Subscribers are provided with
a small computer, the only fur-
ther requirement being a TV'
set and phone line. The pack
can be used anywhere in fee
world.

Users simply, make a short
telephone call each day to up-
date their computer at home or
in the office. The computer then
stores and prepares to present
an analysis of information re-
qui re d- Subscribers can ask
quest k ms via the 'minicomputer
and get a prompt reply;

The basic, service of AID pro-
vides a relative analysis cf the
worid’s stock markels and their
lndiees, a full analysis of. the
gold price, UK. and U.S. stock
market- -technical indices, the
UK gilt. market, the world’s
leading currency markets, pins
an information facility enabling
au subscribers - to -converse
through the computer wife fee
AID managers..

f °r package

Is £ 3,000 a year; : . 7 : v ■ *■

l

Financial Times Monday July 15 1982

THE ARTS

Wren. ..the
spirit and
the genius

Christopher Wren was bom
350 yean ago. This Imports
anniversary has been beauti-
fully commemorated in an
exhibition at the -Whitechapel
Arts Gallery that is a controlled
display of his calm genius. Sir
Christopher Wren 1632-1723,
Whitechapel Aw GaHery,
Whitechapel . High Street,
London, El.. Open Sundays to
Fridays, 11 am to 5.50 pm,
Thursdays 11 am to 7.50 pm,
closed Saturdays. The exhibi-
tion runs until September 26,
closed August 29 and 30..

Wren Is probably England’s
most famous architect All
schoolboys have heard of him
and he is present at every
national occasion in his
cathedral of St Paul’s. No
other architect has ever suc-
ceeded in conveying the
nation’s consciousness in one
building. -The City of London
has suffered destruction and
depredations that have all bat
erased its beauty, but the spirit
of Wren is still present

Walls Into any of . Wren's
City churches and you are
immediately aware of the
sources and manifestations of
his genius. In his time he was
admired as a man with a com-
bination of gifts. “ Since the
time of Archimedes, there
scarce ever met in one man.
in so great a perfection, such
a mechanical hand, and .so
philosophical a mind.” These
are the words of his friend,
Robert Hooke. .

The churches, in particular,
demonstrate the two sides of
Wren's nature; they connect his
beliefs in the rational and the
transcendental. Wren. ; in his
earliest lectures as Professor
of Astronomy at . Gresham
College, London, wanted to
demonstrate that our creative
faculties belong within the
Divine Order. He wrote: “ One
could easily believe that the
finest greatest of the geo-
meters, God Almighty . . .

Architecture

Colin Amery

drew the lines, circles and
planes . . . no doubt in order
to show WTwwtf to mortals
everywhere.”

Architecture for Wren is
sees as the synthesis of mathe-
matics and the rational, if un-
known, order of the universe.
The fact that his synthesis left
no room for the irrational
-element that- so often is- the
real motivation of art, may
account for the cool response
that is often accorded to his
work today. His pupil, Hawks-
moor, satisfies the current taste
for architectural excitement in
a way that is not posssible for
Wren, but this exhibition may
be a turning point— because it
succeeds 1 brilliantly in its ex-
position of the mind of Wren.

The gallery has been trans-
formed by the architect Alan
Colquhoun Into a series of dark
grey spaces that are enlivened
on the ground floor by proces-
sionally -arranged arched open-
ings arranged in pairs. . The
whiteness of these simplified
classical frames suggests the
kind of clarity that Wren’s
architecture brought to the
muddled greyness of London
after the fire. In this calm
setting tile mind of Wren is
displayed by a rather minimal
selection of fine original
material .It Is right to be
minimal, because each drawing,
book or portrait evokes a series
of responses that gradually
reveal the breadth and achieve-
ment of Wren’s intellect

Wren the man is present as
a benign host at the opening
of the exhibition. Edward
Pierce’s bust, made in the year
.that Wren was knighted, and
appointed architect to the hew
cathedral of St Paul’s (1673)
has a spark of life and beauty
that is entirely miming from
the more hagiographic and less
human oil portraits that sur-
round it.

Close to these images of the
man, two exhibits, one fantastic
and one factual, enshrine the
two sides of Wren’s nature. A
diagram of the movement of
the 1644 comet shows Wren’s
scientific concerns. A huge
watercolour by C. R. Cockerell
is a composite display of more
than 60 building by Wren, all

of them 'arranged around -the
presiding glory of St Taul’s as
if in- homage- to the culmination
of Wren’s creative power. .

The man of science displayed
hr tiie exhibition shows Wren
to have been consistently con-
cerned with the minutiae of
life itself as a basis for the
establishment' of rules that
could explain the natural order.

Mathematics, astronomy, ana-
tomy, microscopy, physiology,
meteorology, all interested
Wren and indicate to us the
broad nature of. intellectual
activity in the 17tii century.

With the benefit of these
thoughtful glimpses of Wren’s
. ordered and eocUesdyJnqmring
mind, the major part of the
exhibition is devoted to his
architecture gains in* both depth
and clarity. The architecture is
displayed by Wren's own draw-
ings and a selection of engrav-
ings and fragments of models.
His architectural career is
divided- by the source of his
commissions — the universities,
the church -and the Crown..

The core .of the lower gal-
lery’s display is Wren’s re-
sponse .to London after the
Great Fire. Canaletto’s view of
London from the terrace of
Somerset House, probably
painted in 175051, shows the
total, achievement

London, in i*i« painting ami
in the more detailed drawings
of individual churches, can be
seen as a City that reflected in
its public buildings a logic and
a beauty that was refined from
an understanding of the larger
forces that order the lives of
man. The skyline of London
was one of the wonders of
Europe, each of Wren’s towers
and steeples aspired to Heaven
and collectively led up to the
great dome of St Paul’s, where
the huge bowl of the universe
seems to have found its earthly
expression.

The whole of the upper part
of the exhibition is devoted to
St Paul’s. The successive stages
of the design are clearly-shown
■r* it- is sad that in such a defi-
nitive exhibition the Great
Model from the cathedral could
not- have taken its rightful place
with all the drawings. However,

Early 18th century engraving of a drawing by
Wren showing the scale of the west front of
St Paul’s.

the Dean and Chaper of St
PauTs have put the model in th8
crypt of tiie cathedral and re-
stored it for permanent display
— unfortunately in such a way
that it is impossible to see in-
side it There are, fortunately,
informative photographs of the
interior of the model at the
Whitechapel exhibition.

The engraving of the choir of
the cathedral in 1706 during a
Great Thanksgiving attended by
the Queen shows not just the
original disposition of the choir
with the organ screen, but also
the grand austerity of the fur-
nishings and the simplicity of
tiie altar, which the recent
elaborate high altar and chande-
liers have completely trans-
formed.

The Whitechapel exhibition
does not attempt to dhow all of
Wren’s work. There are excel-
lent slide shows that give a
more impressionistic view of the

Don Juan/Central Park, New York

Frank Lipsius

People Show 87/1CA

Rosalind Came

" Don’t believe all the stories
you’ve heard.- and stay in your
village." advises Don Juan to
two comely damsels in Richard
Foreman’s revision of 'Moliftre
in New York’s own village
setting of Central Park. The
first Shakespeare -in the Park
production of the season, Don
Juan exhibits \ Foreman’s
familiar tricks of having his
characters walk in slow circles
round the. stage “while actors
push and pull their sets with
them. Characters- emerge and
disappear in the great mass of
faces that fin the stage, only to
reappear when a curtain at the
backdrop is drawn.

At the same time Foreman
pays stylish homage tu Moliftre,
lavishing the characters with
flowing - wigs and graceful
ancien regime costumes. John
Seitz as Don Juan could be
another Louis XIV in his prime,
sashaying across the stage like
Mae West modelling in a
fashion show. Though the
stacie and costumes are all in
black and white, flamboyance
makes up for any lack of colour
while the scene where all the
aristocratic characters remove
their wigs makes a shoullsh
spectacle in the best Foreman
tradition.

The translation by Donald M.
Frame has a rhythmic grace,
good lines and some ear-eatch-
ine rhymes, but the director
seems unwilling to be limited
by distinct scenes that do any-
thing more than Wend into each
other, as though the audience
were a beach toward which the

theatres

nHutsih in

characters ebb and flow like the
sea. Had Foreman allowed the
play to inject a hit of discipline
Into his .flowing direction, the
result would have improved the
production' and done better
just-ice to Moliftre.

Signs - of the production’s
origins at the Guthrie Theatre
in Minneapolis are especially
evident in the actors, including
a pathetically - conscientious,
off - balance and funny
Sganarelle by Roy Brocksmith.
The disadvantage in the play’s
transfer is presumably its
reproduction of a backdrop
that looks like a wall con-
structed in the middle of
Central Park. Especially with
me of the play's scenes set at
the seaside, the failure to use
the Delacorte’s natural back-
drop of one of Central Park’s
lovely lakes is especially

Montreux jazz

This year there will be more
than 30 jazz festivals in Europe
with a total audience estimated
at 400,000. Montreux in Swit-
zerland claims to be the most
eclectic of all festivals with its
boundaries overflowing from
jazz into Brazilian music, blues,
rhythm and blues, reggae and
rock. This year the festival
ms from July 9 to 25 at the
Montreux Casino.

Apart from such well-known
jazz names as Dizzy Gillespie
and Dave Brubeck, the Jazz
section includes the Chico and

unfortunate.

The Sheep Meadow remains

After more than a decade of
mind-bending entertainment.

off limits this summer wMle its the People Show have chtoe up
luxurious “lawn ' looks like ' m with the ultimate tasteless treat,
untouchable, exclusive; golf Will they go on for ""ever?
course. The rest of Central AfBcionados will know what to
Park keeps abuzz with activities expect, casual punters might
varying from well-attended free like to take a chance and Italian
concert versions of Metro- restaurateurs are advised to
pal it an Opera productions of make a hlock booking before the
Fidelio and 71 Trdvaiore and tourist season gets into full
concerts by the New York swing. I should be intrigued to
Philharmonic, to skateboarding know what the average Soho
and voHeybaU on the great maestro makes of this particular
lawns. Wollman Rink, once culinary nightmare,
the summer home of rock From the opening moments
concerts, has been tarn down the mood is 'bizarre, fantastical,
and most of the music, apart with some ■ very mixed
from the anti-war demonstra- metaphors. Mellifluous saxo-
tion in June, comes from the phone from George Khan pours
welcome . but seemingly anti- out of a - Jungle of tropical
social Walkmans that joggers, lianas; lights flash around a
skaters and walkers sport like metal grid and what appear to
members of some athletic be tables set for dinner. Enter
conspiracy. Mark Long as the sinister, fiat-

voiced proprietor of Bruiser's
Restaurant He is joined by
Caroline Hutchinson, a new
addition to the four man team.
Von Freeman group, Mose Alii- For so statuesque a figure, she
son. Lou Donaldson, SKm has curiously little stage
Gaillard, the Charles Lloyd presence and though she looks
quartet and the Jimmy Guiffre well in her leopard-skin cat suit.

quartet

Appearing in a Blues Mara-
thon will be John Hammond,

I fear she has yet to find her
feet

While awaiting her lover,
Emil Wolk (lucky girl), she

J. B. Hutto and the New Hawks, suffers a nasty boct of food

Luther Johnson Jr. Sugar Blue poisoning, but manages to
and Koko Taylor. Jimmy CRff recover, turns savage and
will represent reggae music and attacks the unpleasant Signor
the Brazilian artists appearing Marco. Naturally, hei boy-
indude Milton Nasdmento, friend gets the rap, and

Wagner

Valenga.

I immediately finds himself
incarcerated in prison . . . some-

• • •

The Qash/Fair Deal

Antony Thorncroft

- - o f

Here' wax a potential occa-
sion. : The Clash, one' of the
least compromising of the new'
wave bands whose songs often
seemed designed to spark off .
a riot if not the revolution^
playing at the Fair Deal in Bris-
ton; and oh a hot night, too.

Would they play “ Guns of
Brixton,” with lines like "When
they kick- at your front door,
how you gonna come? With
your hands. on your head, Or on
the trigger of your-gun? ”• .Yes,
they did. Would the passions
mount, the emotions get out of-
hand, as The Clash tightened
the screw on the packed, sweat-
ing, crowd? -Well, no actually.
It was all a very restrained con-
ventional pop concert, with the
respectable white . audience
quite happy to settle for
voyeurism.

The Clash at -Brixton had
been delayed a couple od
months while the band's singer
and star, Joe s t rimm er, went
missing. That said it alL A

OF "THE YEAR SWET 19*1.

amsaswdom-^s

T HUE

MANCCS. ■'

•a

s 3 I>"aIAN AYCKBOURN’S new

reSvttfV SEASONS GREETINGS.

wvssre'

M-4X7BSH*., D 3?I , ovtllY

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' &■ tin. L12J0. Eli Induce. Tifkrtj

hit) mg dlnnar E6. MIMl iredlt Cgrfl

mSSSm SKis*. SSUKSmSS

M 3M2 FINAL PERFORMANCES*
iJST CLOSE SATURDAY.

GREENWICH. S CC. 01-858.7755- Notl
Coward’s DESIGN FOR LIVING. EtU.

7.45. ’ MatlBW SM 4.0*. -

fAMBUDGB. CC 01-836 1488-8056.

Iaker na Vlph K - mIte^ ELL paula
ft Sal 5.0 ft 5.0.

V'Siul iSr CAVEtTYoElBht 7 JO.

COLISEUM. S BS6 5151. CC 240 5253.
ENG LU»; NATIONAL OPERA, togoo

SSRmtf 1 * MAKROpULoF

BARBER OF SEVILLE. Bo* offlee open*
toda y.

COMEDY THEATRE. S MB MW, C«dtt

can] twkii’SF pM J * ** pH! S* mZk

«s- afoaa

a quadruple bill. 26 to 31 July.

3rd Dane* Subscription now op*n ‘tta
best dance series ever.” rlna 01-278
oass ,z* hti) tor brochure. , __
AMPLE FREE PARKING after 6.30 Mi.

wrixvnp araMS

KEITH In CAPTAIN BraESBOUMD’S
CONVERSION By Bernard Shaw.
Directed by Franfc Hauser.

HER MAJESTY'S. Air-wnd. 030 6606-7.
Group SI In 379 6061. E*es 7 JO. Sat
mat 3. 0. FR ANK FINLAY In AMADEUS
by PETEK "SHAFFER. DtrectMl by
PETER HAUL- Credit card Hotlines 930
0232 BT 930 4025-6.

KING'S HEAD. 2 26 1916. Dnr 7. Show
8. MARRY ME A LITTLE song* by
Stepneo Sondheim.

LONDON PALLADIUM. 01-437 7373.

MICHAEL CRAWFORD In tbe Broadway
MU4(C»1 RARNUM. Eva* 7.30. Mat Wad
and Sat ZAS. lisa tbe Barnam Hotlines
01-437 2053. 01-734 59B1 tor Instent
credit card nsenratiom. NOW BOOKING

SAVOY. S 01-836 8880. CC 930 9232*
Evealnos 7-4S. Mats Wed 2 JO. Set

5.0. 8.30. MICHAEL FRAYN'S NEW

comedy noises oFF. Directed by
MICHAEL BLAKEMORE.

ST. GEORGE’S SHAKESPEAREAN TH.
01-607 1128. Perfs 7 JO pm MACBETH
Thimday, Friday. TWELFTH NIGHT
Saturday.

ST. MARTIN'S. CC 836 1443. E*p B.
Toes mat 2.45. Saturdays S 4 J.
Agatha Christie's THE M°“® E1 J AP '
World’s lonpru-ever run. SOth Year.
Fully a 'r-rtMidtt tailed theatre. _ _
VAUDEVILLE. CC 01-8S6 9980. Eve* *■

Wed mat* 2.45. 5ats S ft 8. .GfHJDON
JACKSON In AGATHA CHR'ETIE'S
CARDS ON THE TABLE. Fully air
conditioned theatre.

VICTORIA PALACE. CC 01-834, 1317-B.
01-828 4735-6. Group sales S7J

6061. DEN IS WATERMAN. ANTON
RODGERS. The News Musical WINDY
CITY, based on Ihe plav.The Front
Paw. Directed bv Peter Wood. PRE-
VIEWS FROM TONIGHT. OPENS JULY
20 at 7.00. Sub nightly at 7.30 pm.
Mat, Wei ft Sat X pm. Credit card
Hotline 930 0232.

Andrew
by .Hal

U <5SSF JHSPAJ®

BJO Inst. e^j 7X5 , Wet3 e, SBt ZJO.

' "SK £5, jag
isu-va h 'Sinasa? w

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3i:hr*< seen avail Tuns 13. AddiMe-ini
Bean meant ibis now areil ter twin
RIVALS from July «. ENokffl. *5t
sroduenojk until 30 Oct, IOC also at

rlCtWpff*

Sis. Over aOO periorru-nrM. DARIO

eJ: fer.n'tjs £*i?.

sirs? c^ws.srfeTns*-;

DUKE OF YORK'S. JM

M'SlAvp.

J. P. ©Sa8®B9T8

BALTHAZAR.

• 836 5122. CC 816
i 379 8061. Man-Thur
15. SK 5.15 * 8.30.

* Patriot RWrim
ir/s new eomeoy

WY NP HAM'S. From 3 Aug. Ew*., B.O.
NOVf BOOKING ROBYN ARCHER'S
A STAR IS TORN.

YOUNG VIC rwaterioel. 928 8363. Owns ■

nice record deal; an overseas
tour; mountains of publicity;
The Clash have gone conven-
tional and' even Stammer can
prefer to disappear — Holly-
wood fashion— rather- than play
for his -fans. -On stage, too. a
lot of the fire had gone. There
were fewer scissor kicks in the
air and, although Stummer
started tbe act with a few in-
coherent threats to the audi-
ence, he soon lost interest As
a result,' this was as solid a
rock performance as you are
likely to see.

The Clash have survived be-
cause they are good. They play
well together, not attempting
any guitar solo virtuosity but
throwing out a back beat which
set off a few thousand jerking
marionettes in the crowd. Their
show now is rather decorously
old fashioned — brightly
coloured searchlights, with
slides flashed on to the screen
so that although the lyrics may
be incomprehensible, the drift
of the songs is not But most
of the slides are from the

archives — starving Vietnamese.*.;- ;
babies, tanks, police “brutality,”.^'
etc., and not surprisingly failed^
to excite the audience. ‘V-;

The band began with “I*ns-4
don calling" and dipped extenri
sively into their old repertoire ^
in a 100-minute set. But there •.
were plugs for the new, more
sophisticated, songs. “Should I.;..*
stay or should I go? ” is a con- ; I
ventional rock love song and j
stood out from the weight of ;
political commitment l

For the problem with The •
Clash is that their style quickly 1
becomes predictable and their
cheerless heavy material rapidly
depresses. With their un-;i
doubted talent and Shimmer's ']
mesmeric presence, if Tbe Clash: j
could get away from the propa- ; j
gaeda, most of which is of stag- i
gering imbecility, their energy ■
and passion could revive a ’ t i
career that is in danger of be- ■* |
coining self-parody. New drum-:'-;
mer Terry Chimes held the !
band together well and there
were glimpses of a more’}
generous future.

buildings and a map to entice
the visitor into the Cily to look
at the real thing. The organi-
ser, Professor Kerry Downes,
has provided just the right level
of information to make you want
to explore the buildings.

The catalogue is to be highly
recommended and it should
be recorded that a generous
amount of private patronage
has made this exhibition pos-
sible. particularly the sponsor-
ship of the National West-
minster bank whose own new
building has given the City of
London such a different skyline
from that envisaged by Sir
Christopher Wren. At a time
when the capital city is on the
verge of massive reconstruction
along the Thames, Wren's ideals
remind us of the true purposes
of architecture — a reassertion
of beauty and harmony.

Do not miss this skilful dis-
tillation of genius.

Sanskritik/Elizabeth Hall

Max Loppert

where in the southern hemi-
sphere. At least the cage gives
the acrobatic little fellow ample
scope to display his simian
proclivities. Perfectly in
character, be obviously does his
homework in London Zoo.

From here his imagination
flies back tothe fateful evening
out. the limp lettuce, the dry
bread rolls, the surly waiter.
Or is the imprisonment a
dream? Who knows? Does it
matter? What we see is tbe
lovable, universal victim,
splattered with sauceless
spaghetti after a tentative
request for halibut vindaloo.

The show runs the gamut of
paranoia, but all ends happily, .
as boy and girl leap into each '
other’s arms and on to a double i
bed draped in leopard skin.

I enjoyed it, in parts, mainly
the active ones. The sound
track is rich and stxange, but it
seemed a waste to have only
four live numbers from Mr
Khan. He might as well be
playing his instrument as sitting
on the sidelines as a prison
guard or crawling about in a
gorilla costume. Nor was I
satisfied with a single back flip
from Emil, though he and the
other men make a splendid exit
dive through flaps in the brick
wall at the back. All the drift-
ing through undergrowth is very
pretty and Caroline makes a
fine African Queen in silhouette.
If only there had been some
bite to her speech; excessive
deadpan gets very flat

ROYAL COURT. S. CC. 730 '74S ODCIM
Ton’t 7.0. Sub Evoi 8.0. INSIGNI-
FICANCE by Tarry Johnson.

SADLER’S WELLS THEATRE. EC1. CC.
01-278 8913 15 lines!. &# Silo 379
6061. 24 Hr Insanity confirmed res
01-200 0200 . tl „
ROYAL BALLET SCHOOL In Gtsalle ft

The series of recitals which
spreads before London a feast
of Indian- dance and music
reaches its twelfth successive
year of existence under the
currently extended umbrella of
the Festival of India. It has
taken only this relatively short
time for Sanskritik to have
become one of the indispensable
and indelible dates on the
musical calendar — no less so for
the audience member con-
demned to remain no more than
a cultural tourist among the
tantalising artistic riches of the
Indian sub-continent. This
annual series works its magic
in tbe best way, welcoming the
newcomers and the tourists and
satisfying the tastes of tbe
cognoscenti —^ the artists pre-
sented being of the highest
calibre, there is no threat of
the dilution of standards that
has quite often been forced
upon Indian artists on their
sorties to the West.

Instead of tbe mixed medley
of performers and short items
of past Sanskritik events — the
spread of (as it were) instru-
mental, vocal and dance can-

apes gathered on one rather
crowded dish — this year’s
schedule offers in each pro-
gramme a more substantial dis-
play of a single artist or at most
two or three. Last night's
recital, the fourth of the series,
belonged entirely to the dance;
and while one might have
missed (and regretted missing)
the contrasts of taste and abun-
dance of diverse sensations
produced by the old system, it
was thrilling indeed to spend a
whole evening with the most
famous exponent of South
Indian dance, Yamini Krishna-
murti, supported by a quintet
of vocalists, percussion and
drone players and syllable
chanters.

Krishnamurti divided her
recital into two neat and
shapely halves. The first
belonged to the Bharata-natyam
dance of the Tamils (which,
according to the clear and
scholarly article on Indian
dance in the New Grove
Dictionary, is "the purest and
most antient dance style”), the
second to the Kuchipudi. bring-
ing the recital to a sensational

close with the celebrated
virtuoso dance poised
deliciously on and around the
edges of a brass plate. For tbe
visitor, even for one who -has
experienced a not too shamingly
restricted amount and variety
of Indian dance, there remains
an inevitable sense of exclusion
from direct comprehenfivn of
tbe fine symbolic detail "!n the
sculptured postures, the
statuesque elevations, the some-
times alarming vivacity
That abiding frustration apart
—and it is anyway so oh
diminis hed — the pleasures 0f
tbe occasion were numerous anti
Irresistible. The Kuchipudi (
dance, more obviously sensuous i
and romantic, was displayed al$o
in a long extract from what
seemed like an Andra Pradesh
opera-comiqiie, relating the
"impossible vanity” of Satga.
Bhama before the Lord Krishna
in spoken dialogue, song and
brilliant dance interludes.
Beyond her extraordinary,
purely physical, gifts Krishna-
murti is a charmer who catcher
and keeps one in the palm of
her hand.

Bernadette Greevy/Wigmore Hall

Max Loppert

The voice of Ireland's leading
mezzo-soprano is warm, strong,
evenly placed and steady. Miss
Greevy .sings in tune, her style
of emission is simple and easy.

For some of tbe music in her
large repertory, personal taste
might prefer a sharper edge of
definition to the timbre, but
there is never any question of
wobble or (except occasionally
at the extreme ends of her wide
compass) spread. ■ This is the
voice of a major anger; and if
voice alone were sufficient to
guarantee enlivening song
recitals. Miss Greevy would
betong to the elite of recitalists.

But as Saturday’s recital
reminded us. ifcere is a whole
interpretative area beyond vocal
security, the master of which
goes to make up the involving
recitalist; and with that area,
it seems. Miss Greevy has only
tbe most distant familiarity. The
memory-slip in the opening
Haydn Arianna a Naxos was of
a kind that could happen to any-
one; it was not that one minded,
but the undifferentiated
delivery, blunt and hardly
modulated in recitative and aria
alike, that turned this most

beautifully dramatised cantata
into little more than a "stfong
sing." Moeran’s James Joyce
songs, which followed, desper-
ately need (though they hardly
requite) strong singing, and
the Brahms Gypsy Songs will
just about survive on such an
approach. But by tile interval
one felt a sore lack of artistry.

That impression was not
improved thereafter by per-
formances of three Dnparc
songs so uncomprehending of
their texts — which, in the case
of Llnvitation au voyage." is
verse of the very highest quality
in its own right — and so im-

perfect in French diction as to
verge on the comic. In a final
group of Irish folk songs set by
Herbert Hughes there was moire
suggestion of inflection and
nuance than in anything heard
earlier; but by that time regret
that Miss Greevy’s splendid
instrument is so unimagina-
tively used was all but un-
assuageabie. The pianist was
Havelock Nelson, matching the
singer every inch of the way in
forthright unsubtlety and in his
command- of the climactic
treraolandos of Dun arc’s
“■Phidylft" really quite alarm-
ingly unskilful.

Rank Xerox sponsors RSC Pit season

Rank Xerox is sponsoring the
RSC’s first season at The Pit,
its small Barbican theatre seat-
ing 200. The season opens on
June 10 with tbe premiere of
Our Friends in ihe North by
Peter Flannery and continues
with four transfers from
Stratford’s The Other Place —
Adrian Noble's award-winning
production of Ibsen’s A Doll's
House, Money by Edward

Bulwer-Lytton, Turin Ritxzls By
Farquhar and The Witch oj
Edmonton by Dekker, Ford anti
Rowley. *

The Pit takes over from The
Warehouse as the RSC’s small
London theatre. Like the Ware-
house it -will have a policy of
presenting both new plays, and
transfers from The Other Place
in Stratford.

BAND or NEW YORK In I
A «-YA-U And TRISTAN Al
Evas 8.0. Muss End Jolt Z4.

FAN AND BOLT. CyneMjl. From Aup 3. Edward Fax ht

F.T. CROSSWORD
PUZZLE No. 4,920

ACROSS

1 South American boy created
a disturbance (6)

4 Pure when no longer suffer-

■ ing from measles? (8)

10 Inexpensive team in the
City (9)

11 Uniform colour (5)

12 Dash to weaken the spirit
(4)

13 Developing a space away
from home (7, 3)

15 Happening by luck initially
to find part of the church
(7)

16 Swallow half the official
jargon (6)

19 Lest it was hosed (2, 4)

21 Lie If in cot moving round
< 7 >

23 Leave the wrong impression

( 10 )

25 Dandy to . live with a
Ugandan leader (4)

27 A bird on the Nile (5)

28 Interpretation of the first
coat of plaster (9)

29 Seaside letter? (8)

50 Was ' obstinately determined
to have followed (6)

DOWN

1 Undistinguished crowd

plunder the hiker’s hag (8)

2 Exaggerated about being in
the red (9)

2 Catch- sight of eastern agent
(4)

m

14

C

■

H

F

mm

■

24

■

-

■

L

—

B

—

L

_

5 Mark one hundredth piece
(7)

6 Startled having captured a
footballer (5, 5)

7 Time to muse (5)

8 Artful to move by end of
day (6)

9 Dock leader has various
piles to drive away (6)

14 Taking place from time to
time— at this table? (10)

17 Criminally behaving with
intent? (8)

15 Obliged having had a drink?
(S)

20 Certain in the finish to have

guaranteed (7) ’■

21 Father has glum expressions

(6) .r

22 Spread the odds on a raw
beginner (6)

24 In the hedgerow another
■tree (5)

26 Having no measurable
quantity at freezing point
(4)

Tbe solution to last Saturday’s
prize puzzle will be publish edT
with names of winners "Rd -
Saturday.

i

4

ttri ■" '-.-Tai-. ,.sri.'-..a«r ^

Financial Times Monday July 12 1982

FINANCIAL TIMES

BRACKEN HOUSE,; 'CANNON STREET, LONDON EC4P 48 V
Telegrams; FInantitoo, London PS4.Tetex; 8954871
Telephone: 01-2488000

Monday July 12 1982

Steel, quotas
and free trade

U.S COMMERCIAL BANKS

EUROPEAN and U.S. negoti-
ators are settling down to write
another chapter in the 18-years-
old story of bow to protect the
U.S. steel industry. They are
seeking to put the dock back
to 1969-74 when European ex-
ports were restrained by
quotas. If the negotiators do
not succeed, anti-subsidy and
anti-duznping actions brought
by U.S. producers will remain
in place; some European steel-
makers will face the prospect
of selling into the U.S. market
only over the barrier of puna-
tive countervailing duties — 40
per cent in the case of British
Steel. Such a level of duties is
the equivalent of closing the
market Some form of quota
agreement looks at first sight
to be the easiest way out of an
increasingly bitter dispute.

Damaging

But it is not the best way
out It should be resisted.
Bilateral bargaining about
quotas will solve no basic
problems. To end this damag-
ing history of dispute there
has to be an international
solution within the framework
of international trading law
defined in the General Agree-
ment on Tariffs and Trade
(Gatt).

In the first place, bargaining
about an EEC share of the
U.S. market will not make the
U.S. industry more competitive.
Indeed, in the longer run the
threat to the U.S. steel industry
is not from the EEC producers
at all. It is from the newly
industrialising countries which,
over the next decade, win put
Japan under pressure as welL
The EEC, with its apparatus of
protection firmly in place,
faces tiie same threat

It is the U.S. industry's lack
of competitiveness, evident
since 1960, that lies behind the
catalogue of charges about
unfair trading practices which
the U.S. industry has been mak-
ing spasmodically for nearly 20
years. A U.S.-EEC agreement
would leave outstanding the
issue of deddmg precisely how
to define unfair trading — in the
series of cases now in question
how to define an unfair sub-
sidy. The Gatt code on subsi-
dies is loosely drawn. U.S.
legislators have sought to fill
the gap with definitions of con-
venience to the U.S. They need
to be rested by the Gatt dis-
putes procedure. Equally, it is
important to known to what

extent the subsidies received by,
say, UK and French producers
are unfair support of produc-
tion costs.

Distortion

If a quota agreement is
reached then the UJS. producers
will probably drop their cases.
But if they drop their cases
then the EEC cannot proceed
with its Gatt action, because
there will be no grievance to
adjudicate. So the U.S. pro-
ducers need to maintain tbeir
complaint. The difficulty is that
the very fact of their com-
plaints has already caused
market distortion.

There is little immediately
that can be done about that.
But It is necessary to freeze the
dispute at minimum cost to
those involved, while a Gatt
panel is set up. This panel, of
up to five neutral individuals,
would hear both sides of the
dispute and, under subsidy code
rules, report back within 60
days.

The immediate problem is
what to do about the prelimi-
nary counter-vailing duties
already in place — bonds have
to be posted pending a final
determination in mid-August of
whether the duties remain —
and about the future of the
duties if the preliminary deci-
sion is confirmed by the U.S.
Government The least unsatis-
factory solution may lie in
administrative action. U.S.
lawyers note that there is flexi-
bility in the way duties are paid
— there is a time lag between
the entry of goods and the time
the duty is due. That time lag
should be extended until the
outcome of Gatt adjudication.

Commitment

But the whole purpose of a
Gatt adjudication would be lost
if the governments concerned
are not prepared to accept it
when It is delivered. It would
be helpful if they could make
a commitment now. There is
little alternative. The sub-
sidies code is loose because
negotiations in the 1970s were
not able to reach precise con-
clusions. Bilateral talks about
the methodology of defining
subsidies between U.b. and
European governments have
been inconclusive. A neutral
ruling seems the only way out
consistent with an open world
market

IDA’s need for
western support

THE WORLD’S poorer countries
are finding that the safety nets
on which they had long relied
have begun to fray. World Bank
programmes are starting to be
constrained by the body's capital
and financial position. The Inter-
national Development Associa-
tion. the World Bank’s soft-loan
window, has had to cut back its
disbursements by over a third
because of foot dragging by
Washington. Last week saw one
slight chink in the gloom when
countries belonging to IDA
persuaded the U.S. to start talks
on what they would all contri-
bute for its next few years'
activities.

For long the Cinderella of the
World Bank group, IDA today
finds itself fitting oddly with
current trends in Washington.
Its sources of finance are rich
countries' contributions rather
than market bonds, setting it
apart from the World Bank and
the International Finance Cor-
poration. Its terms too are re-
markable — 50-year credits with
a 10-year grace period and an
annual charge of a mere 0.75
per cent Equally its emphasis
on the long-term problems of the
poorest, in particular agricul-
ture, makes it hard for IDA to
adapt the policies of co-finance
with the private sector which Mr
Tom Clausen, the head of the
World Bank, has been advocat-
ing.

Valuable

For these reasons alone it is
hardly surprising that IDA has
suffered at the hands of the
Reagan Administration. But it
is to be hoped that this develop-
ment will be corrected. Firstly,
IDA has proved valuable in
itself. Last year its net transfers
to the developing countries were
as great as those for the World
Bank. It has financed over 10
per cent of the balance of pay-
ments deficits of the lower in-
come countries, which have poor
access to capital markets. It has
helped boost agricultural pro-
duction in South Asia— though,
as it admits, been less successful
in Africa. It has acted as a
stimulus for other investments.

Secondly, by its activities
IDA has helped the World Bank
keep its high credit rating. IDA
has taken on loans to the poorest
countries which could have
weakened th e World Bank's
standing in international capital
markets. It has also been able to
give India, with its vast popula-
tion. a high proportion of its
advances; if the World Bank
alone had tried to be equitable

to India it would have found
itself exceeding prudential
country limits. With the World
Bank finding its bonds begin-
ning to saturate some inter-
national markets, it is not in a
position to take over what IDA
has been doing.

Reform

Finally, a healthy IDA is
needed if the world is to meet
the development demands of
an increasingly importunate
China. By 1985 China may be
claiming eligibility for up to
$2bn aid per year. By tradi-
tional EDA criteria it should
have a loan blend with less
IDA and more World Bank
funds than India: average in-
come in China is considerably
higher, less of its people live
in absolute poverty, and it has
low external debt But if IDA
is to help China without cutting
back its other activities, it will
require a real increase in
pledges over the levels pro-
vided from July, 1980, to June,
1983.

This is not to say that there
is not room for reform at EDA.
Its projects have sometimes
suffered from inadequate local
management and from a lack of
follow-through. It has shown
insensitivity to local realities,
particularly in Africa where
most of its few failures have
been. Its terms need reviewing.
It is arguable that Kenya and
India should be asked to pay
more for funds than Chad and
Bangladesh. Several of the
richer countries receiving
IDA funds should probably
“graduate" out, as have 26
countries including South Korea
and Turkey.

Importance

But one of Mr Clausen’s early
decisions was to order a
thorough review of such issues.
The review, the first hi IDA’s
22 years, is to be published at
the time of the annual meetings
of the World Bank and IMF in
September. It is evidence that
IDA is showing a welcome con-
cern about the expectations of
its major donors. In return,
the U.S. should renounce its
attempts to cut bad: its contri-
butions by spreading them more
thinly over a longer period than
pledged. And, as other sources
of comfort for the developing
world are hard to find, it is ever
more important that IDA should
have the funds to maintain its ,
activities, if not to increase ;
them. • I

A second nasty surprise

By David Lascelles in New York

T HE U.S. banking industry
is now having to adjust
to its second costly sur-
prise in as many months. Only
eight weeks after Drysdale
Government Securities delivered
a 6300m swipe at three large
New York banks, an equally
smuTi and obscure financial
institution, Penn Square Bank
of Oklahoma, last week dealt
a serious blow to several more
banks around the country. The
full scale of its losses is not
yet clear, but they could be
just as big, if not more so.

Wall Street reacted with the
kind of short burst of frenzy
that has become all too familiar
in these turbulent times. Share
prices fell, led by major bank
stocks, which were driven by
heavy selling to 52-week lows
in many cases. Some went even
lower, amid stock market
rumours of more collapses.
Since DrysdaJe a few major
bank stocks have lost about a
third of their value.

By the end of the week the
Federal Reserve had calmed
things down again by feeding
reserves to the anxious capital
markets just as it did after the
Drysdale affair. Indeed, in
retrospect, the market’s re-
action may well look exag-
gerated; things are not as bad
as they were during the last
bank crisis in the mid-1970s.

But nasty surprises like these
inevitably touch on fears about
the soundness of the banking
system. Cooler heads argue
that the basic structures are
still strong and profitable. Yet
it is hard to ignore incidents
in which two small concerns
which few people had ever
heard of could wipe out an
entire quarter's worth of earn-
ings at three of America’s
largest banks — Chase, Conti-
nental Illinois, and Seafirst of
Seattle.

Only last March, Moody's, a
leading New York credit rating
agency, stripped all but J. P.
Morgan of the top ten or so
U.S. banks of their prized Triple
A status because of the
deterioration of key measures
of their financial strength.
These include their assets
to equity and loan loss ratios.

Some analysts thought this
was an overreaction and Stan-
dard and Poors, the other rating
agency, did not follow suit But
when these doubts are added
to the heavy toll of bankrupt-
cies caused by the recession,
high interest rates and the
problems of large international
borrowers like Poland and
Argentina, it is easy to see why
people are worried.

So far this year. 16 commer-
cial banks have failed, and the
Federal Deposit Insurance Cor-
poration which regulates the
banking industry currently has
269 banks on its problem list.
This certaincy does not mean
they will all fail but it does re-
flect identified weaknesses in
th eir b alance sheets.

THE FDIC won't say how
many of these are savings and
loan banks which have special
troubles to contend with, but the
number compares with 217 in
1980, the lowest figure for five
years.

Much of the increase stems
directly from the harsh eco-
nomic climate of the U.S. in

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Jan Jul Aug

1975 1976 1977 1978 1979 1980 1981 1982

recession:

• Interest Rates: the volatility
and high cost of money have
greatly complicated the funding
task of U.S. banks whose supply
of cheap deposits is dwindling.
Banks have been able to protect
their “ spreads ” by keeping up
the prime rate in the face of
strong business loan demand.
But those who make mistakes
pay dearly. Drysdale came to
grief because it played the in-
terest rate game and lost, leav-
ing debts of $3 00m which had
to be picked up by Chase,
Manufacturers Hanover and U.S.
Trust Fears of more Penn
Squares have, not surprisingly,
made it harder for some smaller
banks to raise funds in the
money markets.

• Energy Lending: described
b y on e banking analysts as “ the
RETT of the 1980’s,” this is
where more shocks could still
come. Real Estate Investment
Trusts brought huge losses to
over-eager banks who financed
the Ill-starred 1970s property
boom. Similarly, banks rushed
to cash in on the U.S. energy
exploration boom in the wake
of the rise in the oil juice over
the past three years only to be
faced with mounting bankrupt-
cies as the price fell back again.

This is what brought disaster

to Penn Square and the banks
who participated in its loans —
about $2bn worth.

• Real Estate and Housing:
high interest rates have brought
' widespread failures here as
well. But the banks’ problems
stem more from the U.S.
system of fixed rate mortgages
whose yields have fallen far
behind funding costs. Dozens
of savings banks have failed,
forcing a shift towards
European -style flexible rate
mortgages. Bank regulators
have warned that the shake-out
in the housing finance industry
is far from over.

• Business Failures: There
were more bankruptcies in the
first half of this year than in
the whole of 1980. Some were
big, like Braniff International.
But the small ones have taken
their toll as well Bask of
America, the largest U.S. bank,
revealed in the spring that its
had loans tripled last year to
$L6tan, mainly because of the
plight of small borrowers. Mr
Leland Prussia, the chairman,
told the annual meeting. in May
that “The emergence of more
problem credits will come as
no surprise in 1982.” The ratio
of loan losses to total loans at
24 major U.S. banks has
doubled since 1979, according

to Keefe, Bruyette and Woods,
a Wall Street investment firm
that specialises in bank stocks.
However, the situation is not as
bad as it was in 1975.

• Fa rming : The. slump in
world commodity prices has
put U.S. fanners in a severe
financial squeeze and led to a
sharp increase in farming debt
— and bankruptcies. U.S.
farmers currently owe 910 for
every dollar they earn, five
times more than normal.

Aggravating many of these
problems is the constraint of
U.S. bank regulation which is
widely considered — inside and
outside the industry — to be
banning the domestic competi-
tiveness and profitability of UJS.
h anks .

Banks still cannot compete
freely in the market place for
the savers' dollar because bank-
ing regulations passed many
decades ago limit the amount
of interest they may pay on
deposits. Instead they have to
buy that dollar in the money
markets where it has been
funnelled by -a mutual .fund
which picks up a fee on the
way. By the same token, banks
are being prevented from join-
ing in the financial service
revolution which is creating
“supermarkets” like American

Bob Hutchison

Express-Shearson who perform
highly profitable banking-type
services completely free from
bank regulation.

On the international side
there 1s little to cheer the spirit
either. While U.S. banks may-
be less exposed than European
banks to Poland and East
Europe, they are highly vulner-
able to that other trouble spot:
Totin ' America. According to
the Federal Reserve, UB. banks
had about $8bn out to Argen-
tina — the worst case— at the
end of last year, of which more
than half was concentrated at
only nine banks. Concern has
also been expressed about
Mexico, which looms large on
UJS. bank books, and which is
essentially another problem
energy loan, only much bigger.

But while the banks can
partly claim to be the victims
of circumstances, they have
brought a good part of their
problems upon themselves. In-
tense competition has un-
doubtedly encouraged them to
reach ever further each year
for growth and profits, and that
has not been achieved without
costs.

When Moody's cat its ratings
in March, it did so largely*
because of the sharp rise in

TOP TWENTY, U.S. BANKS

1 BankAmerica (San Francisco) *'

2 Citicorp (New York)

3 Chase Manhattan (New York)

4 Manufacturers Hanover (New York)

5 Morgan (J. P. )( New York)

6 Continental Illinois (Chicago)

7 Chemical New York (New York)

S first Interstate Bancorp. (Los Angeles)
9 Bankers Trust New York

10 fi rst Chi cago

11 Security Pacific (Los Angeles)

12 Wells Fargo (San Francisco)

13 Crocker National (San Fran as 00 )

14 Marine Midland Banks (Buffalo)

15 Mellon National (P ittsburgh)

16 Irving Bank (New York) 7

17 biterfirst (Dallas)

18 First National Boston

19 Northwest Bancorp. (Minneapolis)

20 first Bank System (Minneapolis)

• aps = earnings par share

Assets

Loans

Performance

31/12/81

Sm

121,158

119,232

77,839

59,109

53,522

Total

O/S

31/12/81

Sm

735*2

79,595

51331

40,661

28,830

Change

from

1980

%

14

10

9

23

9

Write-

offs

as

%<>f

loans

0.4

03

03

03

-0.1

Net

operating

income

1981

Sin- :
445.4
5553
443.9
2565
3745

Change

from

1980

%

-81

9

22

11

2

Return

on

average

assets

1981

039

0.48

055

0.46

0.72

Leverage-

1981

283

283

315

303

223

5-year

growth

eps»

%

83

75

343

9.9

143

46,972

32376

20

03

2603

16

059

273

123

44.917

29,175

23

0-1

2153

22

048

325

15.9

36582

21.777

17

OS

2465

6

073

225

200

34413

19,109

9

03

1923

-10

053

31.1

313

33,562

20568

19

03

122.1

85

040

245

-13

32,939

22,939

19

03

2073

14

068

245

187

23,219

17,970

7

03

125.9

3

052

25.1

113

22,494

14380

11

0.6

623

-35

030

255

55 •

18,682

10387

13

03

873

49

047

233

46.1

18,448

10,108

24

03

1264

10

075

18.1

4.1

18327

10302

16

03

97.1

13

053 '

303

195

17,318

10J117

34

03

171.7

31

0.17

184

215

16,809

9,551

8

04

1183

15

074

205

23.7

15,141

8JI74

13

03

125.1

7

059

17.0

134

14J11

8.067

.9

03

107.1

-4

078

163

11.9

Soars*: Butfnnt Weak

bank “ leverage,” or * gearing
the extent to which a bank
gears up its equity. Whereas
every donor of equity supported
$11 of py* 1 * at major bonks In
I960, It was $28 by last year,
a two and a-half-fold increase.
No one is suggesting that this
means banks are near breaking
point because there are other
considerations like greater
sophistication and improved

technology. But Moody’s was
pointing up a concern already
voiced fay people in high places.

Mr Paul Volcker, the chair-
man of the Federal Reserve
Board, told bankers at their
annual convention last autusm
that “ in all candour I am un-
easy about the slippage in one
key measure of banking
strength — the capital position
of some of our large banking
institutions over much of the
post-war period.” He said the
Fed would be watching the
position closely, and be urged
banks to correct this weakness.
But the slump in the equity
market has made it virtually
impossible for banks to attract
new investment at the right
price.

The quality of UB. bankers’
controls has also come into
question. After it was dis-
covered that Chase had ad-
vanced $2bn worth of securities
to Drysdale, which many banks
refused to deal with at all, Mr
Anthony Solomon, President of
the New York Fed, told
Congress that he thought Chase
and the other affected bank*
should have supervised their
operations better.

Drysdale, he said, was operat-
ing " an a scale out of all pro-
portion to its capital.” This
suggestion that banks shonld
have known, has also been
levelled at those involved in the
Penn Square failure. The Comp-
troller of the Currency identi-
fied Penn Square as a problem
bank as long os two years ago
and had it under close scrutiny.
Yet a maojr bank, like Continen-
tal Illinois of Chicago, did
hnge amounts of business with
it and has now lost an estimated
5150m.

Only three days before Peon
Square went under, financial
institutions were still placing
money with it even thourgi it
was offering suspiciously high
rates of interest Large institu-
tional depositors alone win lose
more at Penn Square than in
any previous U.S. bank failure
—about 5199m.

In Continental's case, the
Chicago-based bank was keen
to eipaud its energy lending
may have trusted too much
to its correspondent relation-
ship with Penn Square and did
not always scrutinise loans too
carefully itself. The calaroity
bas prompted a major review
of banking relationships.

A measure of how banks are
faring will come in the next few
days when tiiey report their
half-year results. Some, we al-
ready know, will be chronicling
a sorry tale of losses, like
Chase, Continental and Seafirst.
the hugest bank in Seattle. But
others should show modest-to-
strong profit gains. For all their
troubles most banks are still
keeping ahead.

Men & Matters

Brass rubbings

All change at the top of the
Ministry of Defence this year —
so much so that the uninitiated
might think the top brass who
ran the Falkland* campaign had
incurred the displeasure of
their political bosses.

Not so. In the jargon so
beloved of the MoD's bureau-
crats, CDS, CGS, CAS -and CNS
(alias First), not to mention
PUS, are all going simply
because they have served their
allotted time.

To yon and me, that means
the Chief of Defence Staff and
the Army, Air Force and Navy
chiefs, as well as the MoD's
Permanent Secretary, me all
departing within a few months
of each other. It may be bad
planning, but it is not, I am
assured, anything worse.

The appointment of General
Sir Edwin Bramail to replace
Admiral Stir Terence Lewin as
CDS has already been an-
nounced. So have the names of
the new Chief of General Staff,
General Sir John Stonier, and
the new Chief of the Air Staff,
Air Chief Marshal Sir Keith
Williamson. He takes over from
Sir Michael Beetham in Octo-
ber.

None of these changes caused
much surprise or occasioned
much struggle. The career
structure and selection process
in each of the three services is
tough and tight.

“ You've only got a one-in-20
chance of getting the top job
when you gat a two-star appoint-
ment, aged 50,” comments a
former brass hat “When it
finally comes to the top job,
each service really has only two
starters — and that’s only in case
one .gets run over by a bus,
succumbs to a coronary, or goes
to bed with a bishop."

Nobody is suggesting that
anything improper has held up
the appointment of the new
First Sea Lord. It is strongly
rumoured that the job has been
given, in fact, to Admiral Sir
John Fieldhouse, Commander-

in-chief Fleet, who was in day-
to-day charge of the Falk lands
force from his bunker at
North wood.

Admiral Sir James Eberle,
C-in-C Home Command, Iris
main rival, is said not to have
been as solid on Trident as Mrs
Thatcher might have wished;
white he may be a little too out-
spoken mid ready to waive some
of the more ingrained estab-
lishment traditions for the
liking of his naval peers.

Which leaves the enigmatic
Sir Frank Cooper, the powerful
civilian bead of the MoD. The
betting favours an outsider as
his successor, possibly from 10
Downing Street or the Treasury,
But not, perhaps, until the
autumn.

Shoot out

The FTs man in beleaguered
Beirut was on the telephone to
tihe office from his hotel on
Friday when he was rudely
interrupted. Armed men had
started careering around the
hotel garden in a jeep loosing
off machine gun bullets and
grenades at random.

Our man wisely kept his head
down and carried on with bis
story. But a group of French
cameramen, whose contempt for
their own safety, he says, almost
matches that of their govern-
ment for the laws of economics,
ran up to tiie roof to record the
scene for posterity.

This so infuriated the crew
of the jeep that they promptly
turned their fire on to the
hotel itself. Now, m as much
as there are any rules of war-
fare in West Beirut, -this
behaviour breaks them.

Shortly afterwards an
indignant hotel management
posted this notice in its foyer:
“ In case of shooting around the
hotel, the management insists
that neither TV cameramen
nor photographers attempt to
take pictures. This endangers
not only their lives but those
of the- guests and staff.

“ Those who are not prepared
to co-operate may check out of
the hotel.”

Lucky numbers

Hard-headed Hongkong Land
Company managing director
Trevor Bedford made an appear-
ance in these columns last week
praising the good fang shui of
the new Exchange Square
development which will include
toe new unified Hang Kong
Stock Exchange.

Fung shui — wind and water —
is a divining method which tells
you whether your new building
is conveniently situated from
the viewpoint of spirits inhabit-
ing toe neighbouring landscape.
Bad luck to locate your front
door on toe eyeball of a dragon,
asleep in the earth beneath.

But I cannot help wondering,
whether some of Bedford's en-
thusiasm for such, divination

may have robbed off from
George Tan, charismatic and
highly superstitious boss of
Carrian Investments.

Everybody in Hong Kong has
a story to tell about' George Tan
and his eccentricities. Bankers
v/ or king on projects involving
Carrian have had the fung shui
of their offices examined, and
been advised to move desks lest
evil spirits slip through the-
door unobserved.

And one element of the '
recent Carrian-Land joint-
venture set a small bell ringing
somewhere down the halls of
memory. The price of the assets .
injected into it was fixed at
HK$998m. The result of hair-
splitting bargaining? Or the
desire not to see the term
“billion dollar deal" bandied
too freely around?

Maybe, except that the deal
which brought Carrian into
prominence back' in 1980 was
the purchase of an office block
called Gammon House, again
from Hongkong Land. Closer
examination of the “ bi lli on
dollar ” price tag attached to
that transaction reveals the
actual sum to have been.
HK5998m.

Carrian’s - lucky number?
Since the Chinese characters
for nine and eight connote
longevity and prosperity respec-
tively, the implied aspiration
seems comprehensible enough.

And what is more, share-
holders have a chance to parti-
cipate. For the long arm of
coincidence extends even as far
as Carrion's authorised share
capital which as a glance
through the last annual report
will show, amount s to figures
of none other than HK$9S8m.

Table manners

Radical social . ■ changes are
under way at-BL’s Cowley car
plant in Oxford The hierarchial
canteen structure is being swept
away In a move that should
bring workers and bosses to-
gether for lunch, at least

Shop stewards' joy is tem-
pered a little by the fact that
Sir Michael Edward es’s man-
agement has been' prompted by
ideas of economy rather than
egalitarianism. But. anything
that gets rid of the present
caste system must be rated as
progress.

Social distinctions until now
have been carefully drawn. In-
siders report that the workers'
canteen has long, bare tables
and benches, with salt and pep-
per pots shared by up .to 20
diners.

Foremen have . smaller,
square tables, each furnished
with a (perspex) jug of water.
The commercial staff ' canteen
enjoys a . similar status, .but
senior , supervisors have .a car-
peted floor and waitress service.

There is much amused specu-
lation about the standards to
be set in the new all-in dining
area, on which work has now
started-.. The canteen will.how; .
ever, be carpeted ' “ Some of
our executives just cannot get
away from the idea they should
always have a carpet under,
their feet,” says one man from
the shop floor.

Scotch Whisky

%xmsars erf 6 k Catty Saik’IallSups'Races

Observer

“ESSET*

WORLD PETROCHEMICAL MARKET

The problems that won’t go away

Lombard

By Sue Cameron

THE WORLD'S largest petro-
chemical companies are sow
grappling with the simultaneous
problems of chronic overcapa-
city, weak prices and reduced
demand that are- affecting so
much of the world market.

Last month BP (£l84m of
chemical Bosses in. 1981) and
ICI (£54m of petrochemicals
and plastics losses last year)
became the first of the majors
to admit defeat when- they
announced a joint programme 1
of rationalisation and plant
exchanges.

But they are by no means the
only large chemical concerns
whose profits are under threat

Shell's chemical operations
lost £20m - on a historic cost
basis and £69m in terms of re-
placement cost BASF lost
DM 190m on plastics last year,
Exxon's world-wide -chemicals
earnings fell 33 per. cent—
because of “lower demand for
petrochemicals” — and Dow
chemical group’s net Income
dropped by almost 30 per cent.

Ail these ' companies are
among the world’s top 20 btfr-
gest obemicaa groups. All tell
the same story and all give
much the same reasons. BASF
reports that volume sales of its
commodity plastics fell by a
further 10 per cent in the first
three months of this year. Shell
and the Union CartxhIo t - whose
operating profit on chemicals
and plastics fell 34 per cent
last year— both talk of de-
pressed market conditions and
worry about the planned entry
into the business of new pro-
ducers in oiLand-gas rich coun-
tries such as Canada and Saudi:
Arabia.

But few can hope to do re-
structuring deals as nest as
that between the two UK-based
giants, which involves BP
Chemicals swapping its PVC
plastic business for DCFs British .
low density polyethylene plastic
operation. PVC is mainjy used
in the construction industry in
pipes and other items while the
biggest outlet for polyethylene
is in packaging film.

Virtually all .the big West
European producers have highly
integrated petrochemical and
plastics production complexes
which means that what comes
from one plant is used as a
feedstock to make the next mat-
erial down the chain. The
closure of one ptot cah mean
cutting off supplies of raw mat-

WESTERH EUROPE’S 10 BIGGEST LOW
DENSITY POLYETHYLENE COMPANIES

BASF*

Off Chtmie
Eno

BP Chemicals
DSM

Enoxjr - ■
Shell

Ato CMmie
Erdoldwemie
Montedison

Estimated % sham
of European sales

10
9.5
9 3
IS

73

*3

6

•• 6.

53

4S

Actual

capacity

SOOjOOO

445JW0

465*000

290*000

400.000

510.000
na

350.000

300.000

460^)00

erral to others oh the same
site.

A further complication Is
that a company’s strengths in .
terms of both technology and
market position can vary widely
at different -points in the pro-
duction chain.

The industry's options are
also constrained by EEC com:
petition laws. Portfolio swaps
across national boundaries are
unlikely because the potential
legal complications are fear-
some.

Yet there wlH have to be
further closures — and perhaps
swap deals — if the West Euro-
pean petrochemical industry is
to stand any chance of return-
ing to economic health.

This is not to deny that some
progress has already been made.

Mr Stuart Walmsley, a senior
analyst with W. Greenwell, the
London stockbrokers, is running
a study on Western Europe’s
overcapacity and on the
measures being taken to combat
It His latest updated figures
— in the table on ethylene
capacity — gave a good indica-
tion of what has been achieved
so far in terms of closures in
the most basic of the petro-
chemicals. It also illustrates
what still needs to be done.

Among the worst product
areas are polyethylene and PVC
— the very materials involved in
the BP/ICI swap. Further
the BP/Id swap.

But which companies are most
likely to shut— or swap— what?

BASF, which has already cut
its total polyethylene capacity
by 20 per cent, is planning to re-
duce what is left by a further
15 per cent, for example. The
German giant is also taking a
long . hard '' look at its pvc
business although it has not yet

EUROPEAN ETHYLENE CAPACITY

%*hare of
production

143

2.1

&4

3,25

7JS

92

na '

635

5j45

83

TOO ton/year
Theoretical conchy*
end-1980

Belgium'

France

Germany

Greece

Italy

Netherlands

Closed
to date
525

525

600

Capacity

now

* Figures for BASF include foe BASF etare ot certain LDPE Joint businesses.

There are 10 other West European LOPE producers . wfth sn actual capacity of
1,29m tonnes a year. Together they hive a 23 par cant aims of overall
production capacity.

Norway

300

' —

300

Portugal

300

—

300

Spain

1,090

125

90S

Sweden

36S

—

365

Switzerland

30

_

30

United Kingdom

2,175

870

1305

17,945

3,710

14335

1 Theoretical, or nameplate, capacity is the stated capacity of plant whan naw.

Source: W. GrecnweN

announced any closures in that
sector.

The chemical industry at large
has mixed views as to whether
BASF and the two other huge
German companies, Hoechst and
Bayer, will go in for ICI/BP
style swaps. Some point out
that the three are fiercely com-
petitive and that vrtnaliy the
only thing which unites them is
their fear of the German cartel
office.

Others note that their great
production complexes at
Ludwigriutven. Leverkusen and
Frankfurt are link ed by
ethylene pipelines, so that,
theoretically at least, there is
scope for some ethylene plant
closures.

Some industry experts argue
that if a tighter agreement
could be reached on the use of
the ethylene pipeline grid,
then the three companies could
shut down at least- one
"standby** ethylene production
unit between them.

Another German company
worth watching in the present
climate is Erdolchemie, a joint
venture between Bayer and BP
that is sited at Cologne. For
months now there has been
strong speculation that BP
would like to pull out of the
venture or at least reduce its
50 per cent stake.

Meanwhile there are question-
narks over the future of Id's
continental LDPE operations —
which were not included in the
deal with BP. The group has

100.000 tonnes of LDPE capacity
at Fos in France and a further

140.000 tonnes at Rosenborg in
the Netherlands— although half
the latter is earmarked for
closure at tbe end of this year.
One possibility being strongly
canvassed is a swap between. ICI
and the Dutch-based DSM.

DSM is already planning to
revamp its 180,000 tonnes a year
PVC plant in the Netherlands so
that its capacity will go up to

225.000 tonnes. Might the com-
pany also be thinking of swap-
ping it for ICTs remaining
LDPE unit at Rosenbuxg? Such
a deal would not be nearly as
neat as that between Id and BP
in the UK — it would be unequal
and cash would have to be
involved. Bat it seems a
possibility.

There has already been one —
timid — move towards the
rationalisation of PVC produc-
tion in the Netherlands, involv-
ing Shell and the Dutch-based
. Akzo. Earlier this year the two
put their Dutch PVC and PVC
raw material plants into a 50-50
joint venture company —
although Shell and Akzo had
long co-operated on PVC pro-
duction.

Shell announced the deal with
a self-congratulatory flourish.
But the rest of the industry
failed to break into loud
applause. As one analyst
remarked at the time: “It’s
hard to see what the point of it
is — Shell and Akzo now
start closing some of the
plants.”

So far they have not But
Shell has suddenly become un-
characteristically coy about dis-
cussing its European petro-
chemicals business. Last month
it said it would he "inappro-
priate ” to talk about its views
on the industry. Two weeks
later came the news that it was
preparing to shut down 270,000
tonnes of petrochemicals and
plastics capacity at its Carring-
ton complex in the UK >'

Shell has already shut ‘down

135.000 tonnes of ethjtlene
capacity at Pernis in the

Netherlands. Peraps it is now
stiffening the sinews for further
cuts on the continent The
country were many senior
chemical company executives
would most like to see large-
scale closures is Italy.

Italian governments, it is
sometimes said, are always pre-
pared to buy jobs and votes
with subsidies to loss-making
chemical concerns. Yet as the
table afepve shows, the Italians
have actually closed down a
higher proportion of their ethy-
lene capacity than either the
French or the Germans. And the
Italian Government has come up
with proposals for an extensive
restructuring of the chemicals
sector.

Last year ENL the Italian
state energy group, set up a
50/50 joint venture called
Enoxy with the UB.-based
Occidental. Enoxy took over
chemical and plastic plants that
had formerly been controlled
by Anic, ENTs chemicals subsi-
diary, and by SIR, a defunct
private sector group. Jobs at
the plants were cut by some 25
per cent

The plan now is that many of
the petrochemical plants owned
by Montedison — losses last year
L588bn and no dividend paid
since 1974— should be trans-
ferred to Enoxy and to Anic.
Negotiations over the transfer
have been dragging on for
months. Montedison is said to
be asking too high a price for
its loss-making plants and
Enoxy is clearly being pressured
into taking on some capacity
that it does not really want — at
any price.

But Enoxy has just begun
another round of what could
be crucial talks with Italian
trade union leaders and with

other parties involved in the
planned transfer of plants from i
Montedison.

The other European country
where considerable reorganisa-
tion is being planned is France.
The industry is being
re-grouped round three State-
controlled companies : Elf- :
Acquitaine. the oil major;
Rhone-Poulenc, the biggest of
the French chemical companies;
and CdF Chimie, the loss-
making (FFr 1.2bn last year),
subsidiary of the nationalised
Cbarbonnages de France coal
concern.

Despite the planned regroup-
ing, there are some who fear
that the French could be an
even bigger millstone round the
neck of European chemicals
rationalisation than the Italians.
Certainly plant closures and,
more important, job losses will
not be relished by a Socialist
Government.

Perhaps this is why some
officials at the French Ministry
of Industry are thought to
favour a so-called “European
solution" — an EEC wide ration-
alisation scheme masterminded
from Brussels.

M Jacques Solvay, head of the
Belgian-based Solvay company,
which went into the red to the
tune of BFr 995m in the
first half of last year, is also
known to favour intervention
by the EEC in some form. But
his criticis claim this is because
he hopes a European solution
would have a less draconian
effecto n the Solvay group than
a continuing war of attrition in
the marketplace.

Tbe European Commission
has now started to study the
whole question of overcapacity
in petrochemicals and plastics
and a statement is expected
later in the year. Officials have
begun preparing a paper
detailing the amount of surplus
capacity. When this has been
completed Commissioners —
including those for industry
and competition — are expected
to hold talks with leading
figures in the industry.

But observers do not expect
the commission to produce a
master plan for closures and
portfolio exchanges. What it
zoay do is to offer advice and
suggestions on some of the
legal aspects of rationalisation.

Overcapacity in West Euro-
pean petrochemicals and
plastics is evidently one area
where even supra-national
bureaucrats fear to tread too
hastily.

A new policy
for the Fed

By Samuel Brittan

I MUST report a day dream I
had about the Federal Reserve
Board. It consisted of the
fallowing sentences from an
imaginary newspaper article.
“After outlining the immediate
measures being taken to deal
with the problems of particular
banks, the Fed spokesman
announced a change in mone-
tary policy.

“In fixing its dwrt-term
monetary growth objectives, the
Fed now intends to take into
account the overseas as well as
the domestic demand for
dollars. A spokesman explained
that when the dollar was par-
trcularly strong against other
currencies, tbe money supply
target would be increased;
when it Was weak, the target
would be reduced.”

Behind this dream was the
thought that American financial
crisis is due not only to
individual acts of imprudence
but to tbe fact that UB. mone-
tary policy is in. Seme sense too
tight and American real interest
rates too high. But simply to
abandon or to relax domestic
monetary targets could easily
rekindle inflationary expecta-
tions and thus not provide a
worthwhile stimulus to business.
A change of course has to he
reasoned, non-panicky and con-
sistent with a long-term

counter-inflation strategy if it is
to carry conviction.

Successful

Any chart of monetary

growth m different countries
shows that the Fed has been
incomparably more successful
than other central banks in
keeping the growth of its
chosen target variable, “ Ml "
(cash plus checkable deposits)
both stable and within tbe
chosen targe range. The

instability has come from
fluctuations in international
portfolio demand for the main
currencies of the world. Both
at the time of collapse of
Bretton Woods in 1971-72 and
in 1977-78 there was a run on
the dollar and a rise in U.S.
inflation out of all proportion
to the recorded rise in the
domestic money supply. In
1980-82 there has been a run
into the dollar and a collapse
of inflation out of all propor-
tion to the domestic monetary
slow-down.

In a nutshell, American 1
monetarism els too parochiaL
The requirement is for an
international objective which *
takes into account the inter- y
nationalisation of the world's -
financial systems and the com- •
petition of the main inter- i
national currencies for th& ,
support of depositors. Professafr ;
Ronald McKinnon of Stanford ,
University has suggested a
combined money supply target
for the U.S., Germany and .
Japan and a simple framework ,
for achieving it. Other coun- 1
tries could be added without *
upsetting the main principle. j

Silence

These proposals have met ,
with a great deal of public
silence. This is partly because <
the international aspects of the '
plan cut across one set of •
prejudices and the monetarist
aspects cut across another: in
addition, the rules and formulae,
however simple, irritate prag- /
matic central bankers and :
officials. A more genuine diffi- ,
culty is that the system would
take time to negotiate and >
operate.

That is why I had my day-
dream of unilateral action by
the Fed. If we had a McKinnon
international monetary rule, the
growth of the U.S. money supply I
during most of the last two i
years would have been above 1
the domestic target to compen-
sate for the below-normal
growth in Germany and Japan.
(The latter has been in part a
direct effect of intervention to
support the mark and yen
against the dollar.) Thus, the
Fed can act as if a new inter- 1
national monetary order were ■
in existence, without waiting
for the system to be formally j
established. The exact adjust- j
ments would be rough and !
ready, but much better than :
nothing.

Contrary to what cynics sup-
pose, the reasons for a policy I
change and public beliefs about •
the policy regime in operation
are every bit as important as
the change itself. A mere
pragmatic relaxation, whether
of U.S. monetary .policy or UK
Sscal policy, might turn out
worse titan useless.

Letters to the Editor

p.-.g '
.Si* 1 ;

;

I:

Review of policy on tourism

From Mr Crmol B. Gregory

Sr,— The- GweropMntfs inten-
tion to held ft comprehensive
review of tourism pqjlky is very
much to be welcomed. For too
long it has been ' given inade-
quate attention and treated as
a candiefioss industry. It is
essential to realise that one
person's leisure is another
person's job.

Since 90 per cent of tourism
in this country is domestic,,
there is a case for parity of
treatment While domestic
tourists pay VAT on their
holidays, there is no such levy
on foreign package tours.
Furthermore, a new industrial
development attracts an initial
capital tax allowance of 75 per
cent, but a new hotel project

Look forwards
not backwards

From Mr George Ren show
Sir,— -That SSAP IS is on its
way out is almost a foregone
conclusion. Whether .Us demise
occurs July 29 1982, perhaps
1983, or even 1984 is almost
academic.

The real question to be
answered is should the
accountants abandon further
attempts at accounting for infla-
tion. An attractive proposition
perhaps at a time when price
rises are lower than for some
years and still falling, particu-
larly when the criticism of
SSAP 15 seems so truthfully
founded in words such as “ sub-
jective," " meaningless,’’ “ theo-
retical” and "costly."

However, there appear to be
two fundamental points which
have received little or no con-
sideration in discussion of
SSAP 16.

1— Precisely what are we try-
ing to convey by way of pub-
lished financial Information of
whatever denomination.

2— Assuming that we do
abandon SSAP 16. what hap-
pens when inflation reaches
20 per cent plus again.

The politicians have already
assured the continuance of CCA
in the 1981 Companies Ads
.“alternative accounting rules..

Contrary .to popular opinion
the Inland Revenue do recognise
the existence ‘of inflation in the
taxation of. company profits
way of (a) accelerated capita*
allowances on fixed assets 0»
stock relief;

To abandon inflation account-
ing would seem aomewftat short-
sighted and create a void that
may need to be filled quickly
following the, nest major econo-
mic. crisis with the probable

is permitted to offset only 20 per
cent of its building cost against
tax . .

The structure of taxation does
not aHow many private
individuals and companies to
invest in new projects and
offset these allowances against
their taxable profits. Despite the
recession, the Abschreibungs-
geseUschaft (syndication pro-
cess) has brought several hotel
developments to fruition in
"West Germany, as well as in
tbe U.S. The Government has
rightly provided an incentive
for equity investors in new
companies. but this is presently
limited to £20,000.

While Ministerial respon-
sibility for tourism r em a in s
with the Department of Trade,
there is the need to establish

attendant soaring inflation rate.
Accounting for inflation world-
wide is still in an embryo state.
Let it be researched and
developed further.

An undeniable fact and short-
coming with historical accounts
is that many companies are now
operating from a smaller capital
base, in real terms, than would
have been the case if the ever
increasing replacement cost of
find and working capital had
been fully recognised and
accounted for.

The logical, practical and
simple solution to the problem
is to look forwards instead of
backwards as we have done with
all the inflation accounting con-
ventions tried to date and

1— Publish an inflation
adjusted su/unarised profit
and loss statement containing
two additional charges cover-
ing the additional future
planned replacement cost of
fixed -capital and working
capital.

2— Restate historical reserves
after making the additional
charges referred to above, to
be adjusted annually after the
facts have been established.

3 — Publish budget and cash
flow information on the
future anticipated course of
the business.

Tbe disclosure of future
viability and progress is surely
THE important consideration.
W. George Reaflww,

39, Crompton Road,

Burnage, Manchester.

Airport

duty-free shops

From the Vice-President of the
European Commission.

Sir,—! am surprised and dis-

a consultative inter-Depart-
mental body (to include Trade,
tbe Treasury, Home Office,
Environment and Transport).
This would co-ordinate Govern-
ment activity and establish a
dose dialogue with tbe tourist
boards and such trade organis-
ations as the HCIMA and
BHRCA.

Tourism should take its
rightful piece as a job creator
alongside other trades, whilst
its pattern of growth controlled
to ensure that tbe economic
benefits reaped do not consume
the environmental seedcorn.
Const R. Gregory,

Prospective Conservative
Parliamentary Candidal#
for York.

21 Priory Street,

York

appointed that the chairman of
the British Airports Authority
should have seen fit hi allege
iu Strasbourg last week that the
Commission proposes to abolish
duty-free shops (July 8). I
have given assurances to the
BAA both in writing and in
the course of a recent meeting
In Brussels and I can only
regard such remarks as scare-
mongering.

Commission action has been
limited to reminding member
states of their obligation to
charge travellers, within the
Community the EEC duties and
agricultural levies on non-Com-
m unity goods sold in tax-free
shops in order to conform with
the European Court’s “ butter-
ships ” judgment Apart from
this, the Commission has no
plans to take action on duty-free
shops.

We have given these
assurances to the European
Parliament, notably in Commis-
sion replies to a written
question from Mr H. J. Steel er
on June 14 and to an oral
question from Miss Gloria
Hooper on Jane 15.

May I repeat here my reply
to Miss Hooper: u . . . we cer-
tainly do not wish to go any
further than we have done - . -
the overwhelming bulk of sales
in duty-free shops, goods of
Community origin, are quite
unaffected hy-fbis (Court) judg-
ment ... I only wish that tbe
operators of duty-free shops,
and the people who run the air-
ports, and the ports and the
ferries, would stop spreading
alarm and despondency.” (Ver-
batim report of proceedings of
the European Parliament June
15 1982 page 122.)

Christopher Tugendhat,
Brussel

Beating the
poverty gap

From Mr Chris Pond

Sir,— -As the House of Com-
mons considers the final stages
of the Finance Bin, there is un-
doubtedly frustration among all
parties about how to tackle the
growing problem of the poverty
trap. Recent official estimates,
submitted in evidence to the
Treasury and Civil Service
Select Committee, show that the
number of families caught in
the poverty trap has almost
doubled since 1979. Meanwhile,
nine out of every 10 families
considered poor enough to re-
ceive Family Income Supple-
ment are now required to pay
all or part of it back in income-
tax. However, the costs of over-
coming the poverty trap are
substantial. Merely to lift 1m
of the lowest paid out of tax
would cost £2.7bn; to re-in tro-
duce a reduced rate of tax of
25 per cent on the first £2,000
of taxable income would cost
£2. 15b li-
lt appears as if the Govern-
ment could only fulfil its pro-
mise to deal with the problem
by abandoning its PSBR target
or raising marginal tax rates.
Your leading article on tax re-
form (July 9) suggesting con-
trol of reliefs and exemptions,
is therefore timely. A broaden-
ing of the tax base could yield i
the revenue necessary to over- j
come problems such as the j
poverty trap without increasing
marginal tax rates, which
(rightly or wrongly) are asso-
ciated with disincentive effects.
It would remove many of the
distortions.

Making “a bonfire of exemp-
tions” would indeed allow a
substantial saving of revenue,
although a careful examination
of the merits of each, subject
to democratic discussion, might
be a politically more practical
approach. The first step should
be for the Treasury to develop
a Tax Expenditure Budget of
the type operating in the US.
and some other countries. This
would go beyond the present
listing of the estimated costs
of the exemptions in the Public
Expenditure White Papers. The
aim would be to integrate the
tax expenditures into the over-
all system of public expenditure
planning and control. Tax ex-
penditures should be allocated
to individual departmental
budgets alongside their cash ex-
penditures. In this way proper
decisions could be made about
tbe allocation of resources to
different ends. Given the pre-
sent Government's commitment
to control public spending, re-
duce tax rates and tackle the
poverty trap, such an approach
should be attractive.

Chris Pond.

Director. Low Pay Unit.

9 , Poland Street, Vl.

The Ebic banks bring
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financial operations

More than two decades have
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Today, there are practically no
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both offering specialised financial
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In the States, it's European
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Europe’s most experienced banking group

12

Coapaoies and Markets

UK COMPANY NEWS

Financial Times Monday July 12 1982

PENDING DIVIDENDS

PMPA

for banking
offshoot

IRELAND'S LARGEST motor
insurer, Private Motorists Pro-
tection Association (PMPA) has
rejected " several ” bids for the
Commercial Banking Company,
including an offer of LE4m from
American Express.

PMPA holds SO per cent of the
Commercial Banking Company
and is believed to be seeking
around I£Sm for it
Talks are continuing with
American Express and, in the
meantime PMPA is speeding up
publication of its 1981 accounts.

Shares in the company, which
fell after the allegations, rallied
towards the end of last week
after reports the accounts with
show profits of I£2m.

SPAIN

13E2

July 9
Pries

Hiqh

Low

%

356

310

Bflncp Bilbao ...

310

362

243

Bannn Central

249

324

224

B?ncd Exterior

. 224

337

235

K.mco Hispano

285

115

107

Ganrrj Inri Cat.

107

367

284

Banro Santander

2B4

235

163

Banco UrquifO

. 163

385

318

Santo Vizcaya

. 218

250

?1R

Bencn Zaragoza

. 233

180

65

Drnnadns

91

70

60

Et; pan ala Zinc

63

66.5

537

Fecsa

. 63.7

50

26

Gal. Preciadoe

28

69.2

55.7

Hidrola

. 55.7

59

42

Iherdnera

43

104 5

70 5

Petrolpns

. 70.7

101

74

Petrotiher

91

40

55

Snoelisa

5.5

74

63

Tfllefnmc

. B4.5

68

62.5

Union Elect. ...

54

Battle to sway Bemrose
holders on Bunzl offer

Bunzl and Bemrose entered into
a document battle over the
weekend, lobbying Bemrose
holders with their arguments for
acceptance or rejection of
Bunzl's offer.

it was made clear by Bunzl
in a letter to Bemrose holders
that its offer was final and would
close at '3 pm' on Wednesday
July 14.

With the Bunzl share price at
172p on July 7 the offer of con-
vertible loan stock was worth
approximately I49p per Bemrose
ordinary share. The cash
alternative remained at 140p for
Bemrose ordinary shares and
both offers were considerably
higher than the Bemrose share
price prior to Bunzl offers.

Bunzl stresses that the cash
alternative of 140p will not be
extended after the dose of the
offer on July 14.

In his letter to the Bemrose
shareholders, the chairman of
Bunzl, Mr E. G. Beaumont,
draws attention to the desperate
measures adopted by the Bem-
rose board in increasing the 1982
dividend by a rale which is over
10 times greater than Bcmrose's
own forecast earnings improve-
ment

In addition he comments on
the very imprecise manner in
which the Bemrose board has
forecast pre-tax profits for 1982
and the extent to which this
forecast depends on the recovery
of key parts of Bemrose's
business In the second half of
the year.

Turning to the future of Bunzl,

Mr Beaumont says with regard
to the -Bemrose shareholders who
accept the increased convertible
offer, “as the benefit of the
steps we have taken to change
fundamentally the nature of the
company, take effect, and show
through in absolute profit growth
an unproved mix of profits, we
confidently expect our share
price to reflect this achievement.
Should this be so, the oppor-
tunity to convert into Bunzl
ordinary shares will represent
an exceptional investment situa-
tion.”

Mr Beaumont concludes by
drawing attention to the fact
that Bemrose ordinary shares
have regularly traded between
40p and 70p through most of the
last five years, and urges holders
to accept Bunzl's offers which
he stressed are final and will not
be increased.

Subsequent £o the circulation
of the letter. Rothschild's
announced on behalf of Bunzl,
that % had acquired 13.S per
cent of the issued ordinary share
capital of Bemrose.

In Its circular, strongly urging
rejection of the bid, Bemrose
said the offer grossly under-
values Bemrose's existing and
future earnings potential.
Bunzl's final terms were
described as a< wholly inadequate
and unacceptable."

In a move which It says is
aimed at keeping holders in full
possession of the facts regard-
ing the company, and to help In
assessment of Bunzl's offer,
Bemrose has accelerated pre-

X&resdvarflsBmanf compfie* wftfi (fa ntjumuaanlsaflhe ConncHofTh* Stack Ercbangp

oltha ttnitadEngHnm jmrf fhn VnpnMie: nf I mtmnrl

OR

CSR Limited

C Incorporated undo’ the Companies Act 1874 of New South Wales)

U.S. $75,000,000 16 per cent. Notes 1989

Issue price 100 per cent.

The following have agreed to subscribe or procure subscribers for the Notes:-—

S.G. Warburg & Co. ltd.

Banque Paribas Ctoimnerzbank iLktiengeseHschaft

Credit Suisse First Boston Xiedietbank International Group

Limited

J. Henry Schroder Wagg & Co. Union Bank of Switzerland (Securities)

Limited Limited'

The Development Bank of Singapore The Hongkong Bank Group

Limited

The 15,000 Notes of U.S. S5.000 each constituting the above issue have been admitted to the
Official List of The Slock Exchange of the United Kingdom and the Republic of Ireland, subject
only to the issue of the Notes. Interest is payable annually on 15th July, thefirst such payment being
due on 15lh July, 1983.

Particulars of the Notes and of CSR Limited are available from Extel Statistical Services Limited
and may be obtained daring normal business hours up to and including 26th July, 1982 from: —

Hoare Gorett Ltd.

Heron House,

319/325 High Holbein,

London WC1Y 7EB

12th July, 1982

IHE FLEMING UNIVERSAL
INVESTMENT TRUST PIC

(Formerly LONDON and H0LYR00D TRUST PLG)

Investment Mcmaptrr — Robert Fleming Investment Management Limited
Secretary — Robert Fleming Services Limited

Three-year summary of results

Year

Total

Ordinary Shares

Gross Assets
(less current

Net Asset

ended

Income

Earned

Paid

liabilities)

Value per

31st March

£'000

per share

per share

£'000

Ordinary share

10S0

2.0S9

5.62p

5.50p

34,532

152.4p

insi

2,160

5.89p

5.75p

47,330

211.2p

19S2

2^85

6.17p

6-OOp

47,765

2132y

MR. DAVID DONALD, in his chairman's comment, said: The policy of your directors has
always heen based on the original concept of our investment trust company, Le. to
provide for shareholders a spread of investments giving a steadily increasing income with
comparative security of capital. In my letter of 19th March 19S2 announcing the change
of name and proposed new directors I indicated that there would be no dramatic change
of policy, and that income requirements of shareholders would continue to remain an
important aspect of that policy. A further improvement in earnings is expected by
31st March 1983.

Copies oj the Accounts arc ar-ailahle from the Registrars.

Bourne House, 34 BerkcnJinm Road, Beckenham, Kent BR3 4TU.

paration of its Interim results
for the half year to July 3. 1982.

Mr Gordon Brunton. chairman
of Bemrose, tells holders that
pre-tax profits for the six months
have increased by 35 per cent
from £765.000- to £U)8m and re-
flects “the most encouraging
overall perVrmance of the
group during the first half."

Turnover is down slightly at
£22. 2 6m. compared with £23. 13m
last time, solely because last
year's figures included those of
operations now divested, the
chairman points out

He adds that the first half
performance " confirms your
board’s view of the outturn for
the full year and the forecast of
profits."

As reported on July 7 the
group expected pre-tax profits to
be in the region of £3m — against
£2iT7m for the previous year.

Mr Brunton points out that,
as already announced, directors
intend to declare an interim
dividend of 4p net (1.5p)> “If
you accept the Bunzl offer for
your ordinary shares, you will
not receive this dividend,” he
states.

At the trading level the six
months' surplus was up from
£1.19m to £1.38m as a result of
a strong performance in security
printing, and an improving con-
tribution from packaging due to
rationalisation and increased
efficiency. , .

Cash flow was strong during
the first half, with borrowings
continuing to fall, resulting In a
lower interest charge of £345,000,
against £421,000.

Mr Brunton, reacting to
Bunzl's comments on Bemrose’s
borrowings, says that aggregate
borrowings, as a percentage of
shareholders' funds, fell to 25
per cent, as at July 3 1982, com-
pared with 34 per cent as at
January 2 19S2.

If finance leases, which he
Eays Bunzl refers to as off-
balance sheet financing, are
added, the figure becomes 29
per cent (39 per cent).

Cambrian
General
turns in
£176,246

Profits of Cambrian and
General Securities totalled
£176,246, before tax of £57,930,
for the half-year to March 3L
In the same period last year, the
surplus was £126.126, before tax
OF £41,789.

The directors say a substan-
tial prirroriinn of the invest-
ment portfolio was liquidated
and the resulting proceeds held
im dollar deposit pending the
implementation of the capital
reorganisation proposals an-
nounced in January. Therefore
figures are not comparable.

As far as is known, 858,000
(4J*9 per rent) ordinary shares
and 4,909.047 (66.75 per cent)
capital shares were owned by
U.S. persons on July 2.

As already announced there
is an Interim dividend of 0-2p
on increased capital. Net asset
value is given as 42.49p per
ordinary share (144.5p and 8.65p
per capital share).

Gross income f nr the half-year
was £272,244 (£190,231).

Receiver for
Eda Sparkrite

ROGER DICKENS and AliBtalr
Jones of chartered accountants
Peat, Marwick, Mitchell Com-
pany, Birmingham, have been
appointed joint receivers and
managers of Eda Sparkrite.

Eda designs, manufactures and
distributes electronic auto {native
products, including high-perform-
ance ignition systems, car com-
puters and car alarm systems.
The business was founded by Mr
Bruce Guidon 11 years ago and
quickly grew to ? multi-million
pound turnover. The workforce
□umbers 115.

Eda's problems stem from
difficulties in obtaining compo-
nents of a sufficiently high stan-
dard to meet its requirements,

BOARD MEETINGS

The following companies have notified
dates of board meetings a the 5 rock
Exchange. Such meetings are usually
held for the purpose ' of considering
dividends. Official indications sie not
available as u whether the dividends
are interims or finals and .the eub-
divialona shown below are baaed
mainly on laet year's timetable.
TODAY

Interims: A. Kershaw. Rank Organisa-
tion.

Finals: Amershsm International,

D. F, Sevan, Caledonian Associated
Cinemas, Cardo Engineering, Lennon 5.
A. Monk, Peerless, Rauuwt (Jewellers).
Shaw Carpels, Western hoard Mills.
FUTURE DATES
Interims: —

Bank Lou mi (UK) July SI

Cardinal Investment Trust .. July 22

Kennedy Brookes Aug 10

St Andrew Trust .................. July 23

Finals: — -■

Crown House ... July 19

ICC OH Services ..m.............. July 14

MF1 Furniture July 22

Wheeler's Restaurants July 15

Corning moves
back to £2.5m
profit for year

Glass manufacturer Corning
swung round sharply toe year to
November 29 19S1 from a pre-tax
loss of £642,000 to a profit of
£2 -5m, on sales slightly down
from £ 61.65m to £59_2m. As in
the previous year, no dividend
is to be paid.

Trading profits reached £5. 63m
(£3 -26m). Results featured an
exceptional debit of £L3Sm
(same), interest payments of
£1.76m (£2 .52m), and tax took
£69,000 (£566,000). There were
no extraordinary credit Items,
unlike the previous year, when
they totalled £4J23m. Minorities
amounted to £5,000 (£12,000).

The company is a. subsidiary
of toe U.S. Coming Glass Works.

COLMORE

INVESTMENTS

'Colmore investments, a wholly
owned subsidiary of Nesco
Investments, intends to put
proposals to holders of the
Colmore first mortgage debenture
stock for tbe redemption of toe
stock at 95 per cent, plus
accrued interest.

MINING NEWS

EZ closes Roseberry zinc mine

BY GEORGE M1LUNG-ST ANLEY

AUSTF ALIA'S EZ Industries has
closed Its Roseberry zinc mine in
Tasmania, following Industrial
action by part of the workforce.

The reasons behind the dispute
have not yet been made clear,
but EZ claimed that it has no
connection with the redundancy
notices issued to 1S7 workers on
Friday. The redundancies are
effective immediately.

Apparently the problems
started on Thursday, when there
was a break in production after
some sections of the workforce
refused to repair equipment
which had failed.

EZ laid off toe whole 900-
strong workforce, and said they
would not be allowed to resume
work until toe industrial action
was called off.

The redundancies are part of
a programme of economies EZ

said would be necessary last
month, when the company re-
vpalpd that Roseberry and the
Risdon zinc refinery had been
running at a loss since mid-
January.

Tbe two Tasmanian operations
are EZ's only revenue-earning In-
terests at present A first time

contribution to profits Is ex-
pected in the year to June 30
1983, from toe big new Ranger
uranium mine in the Northern
Territory, where the company
has a 30.85 per cent interest
More than 90 men from toe
Risdon refinery were made re-
dundant last week.

Tin production
down in June

Production of tin concentrates
by the companies under the con-
trol of Malaysia's Pern as Charter
Management fell last month to
1,520 tonnes, compared with
1,679 tonnes in May.

The total for the six com-
panies in the enlarged Malaysia
Mining Corporation /MMC)
group fell to RW5 tonne?, against
/if) tonnes in the previous month,
with three, dredges nut of action
for part nf the month for tnajnr
repairs or modifications. South-
ern Malayan expects its No. 1
dredge to re-start in about three
months.

Despite this, the MMC com-
panies managed a total output
Tor the year of S.503 toones, well
above toe total of 6,576 tonnes
for toe preceding 12 months.

June

May

April

tarings

tonnea

tonnas

Aokam

97

117

106

Ay»*r Hi turn ...

11B

125

123

Berjuntsl

243

307

260

Kamunting

13

15

15

MMC

065

770

738

Sunnai Basi ...

SI

53

85

Tongkah Harb..

32

23

26

Tronoh Mmu...

48

40

44

Meanwhile,

tin concentrate nut-

put from

toe

Malaysian

producers in the Gopeng group
also fell In June, reaching 17S.5
tonnes against 153.75 tonnes in
May.

Gnpeng, toe biggest company
in the group, produced 136.25
tonnes compared with 147.5

tonnes.

Nevertheless, output over thn
first nine months of the group’s
financial year is still running
ahead of that for the previous
year at 1.342,5 tonnes, compared
with 1.215.25 tonnes.

Juno May April

tonnas tonnes tonnes

Gopeng 138*. 1474 15*4

314 30 46

104 64 8

Mambang

Tanjong

soon

C.V.G. Siderurgica del Orinoco C.A.
(Sidor)

f/ricorperatetf with limited liability In the Republic of Venezuela)
U.S.S5Q, 000.000

FLOATING RATE NOTE5 DUE 1984-1988
In accordance with the terms and conditions oF the Notes and the
provisions of the Agent Bank Agreement between C.V.G. Siderurgica
del Orinoco C.A. (Sidor) and Citibank. N.A., dated July 7, I960,
notice is hereby given that the Rate of Interest has been fixed at
per annum and chat the interest payment on the relevant
Interest Payment Date, January 12, 1983 against Coupon No. 5 in
respect of U-5.510,000 nominal amount of toe Notes wifi be
U.S.S849.72.

July 12. 7982

By: Citibank, N A, London, Agent Bank

crriBAN<o

UNION DE BANQUES ARABES ET
FRANCESES - U.B.A.F.

U.S.?65, 000,000 Floating Rate Notes 1980-1990

In accordance with the conditions of the Notes
notice is hereby given that for the six-month period
12th July 19S2 to 12th January 19S3 (184 days) the
Notes will carry an interest rate of 16J% p.a.

Relevant interest payments will be as follows:
Notes of $1,000 U.S.$84.33

CREDIT LYONNAIS, Luxembourg
Fiscal Agent

EQUITIES

Issue

price

P

p

^ d

1682

stock

£0 Q

+ or

d n

?!

|=L-i

•S'S

<e

3l D

High LOW

So.

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a-s

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F.P.

83 is.

B3KAott»f*sa3ta Hldgs(£l

82is

•■•Hi

7,0

3.6; 124

2A

. —

30,7

16

11 '.Aroyii Foods warrts.

I'M

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48

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F.P. 33(6

282 i860

bB.O

2.1 4.6.14.3

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60

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101

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^ Black (MiohaaD 20p

62

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lb

F.P.

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Dambrten 8c Gen. "ip

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F.P.38/S

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2.015B.Z

J871«piF.P. 85/8

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84

Electro- Prcrt. USJBJW

90

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mmmmw

—

—

—

Kpl

F.P.

—

60

bU

Knight Cmptr IntSp

60

.MM.

bdl.6

U.U

3.8

18.1

If.p.

30/7

195

160

^McCarthy AStono^.

192

mat

bB.ye

2.7

4.3

11.5

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2/7

121

110

Miles 33 lOp.

Or) flame SA (USSLfiO)

1X4

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4.3

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600

,F.P.

2/7

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566

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bUbOc

2.2

4.6

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£160

F.P.

166

150

* Oilfield Imp. Srvc.
Radio City ‘A 1 NV_

152

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MUM

—

—

—

—

FIXED INTEREST STOCKS

iTOUO

_j 0

■Sc*

1982

price

013

S2«

Eh ajaXl

< 0 .

High

Low

FJ>.

60p

wm\

1100

F.P.

917

107

100

*■100

£10

S6/6

11^

Ids

1100

1*

Nil

F.P.

ie pm

1461s

1 z8 m

■LTV

iF.P.

3017

109

107

1100

F.P.

9/7

101

92iS

98.56

£26

8/10

26

23*4

100

F.P.

—

1007r

1001*

100

F.P.

—

lOOtffl

997a

99.346

£26

—

2b

241 8

'100

F.P.

—

47

38

TlOO

F.P.

—

46

45

8100

Nil

—

Stock

H-or

o-

oc.

3.92 Prafjfil)

_ . 60p +2

Bon [ox 8% Ccrrv. Cum. Rd. Pf 101 |+1

BoumemouthWatarflX Red. Prf. *87S9.[ IU,

14? Cnv. Una. Ln.’0B--. !»s pm

First Nat. ia*pc Conv. Un*. Ln. 1987 Jl33 |
•{•Lon&Contl lJ&Conv.Sub U ns. Lr. *85-02! 108

Marlborough Props Cnv. Ln.'88-aw2l 92i|

Midland Bk. 14% Sub. Ung. Ln. 2082-07.1 36 + i*

Nationwide Bdg. Sob. 18ft* ® 6/83).. 100

Do. 14® . (4/7(83}_ lOOfig + la

Now Zealand 144* 1987 26 + 4

41

46

■ST

987 —

RTT ft Northern 4pc Net Cum. Pit. £1
4.7pc

Do.

/pa Net Cum. Prf. £1

Rotaprint lligjg Cum. Conv. Red. Proflippm

i—U.

“RIGHTS” OFFERS

Issue

pnoe

P

166

170

36

174

35

SO

326

219

25

F.P.1

F.P.

Nil

F.PJ

Latest

Renutro.

date

• B

917 6(8

13/S Z4/8

,18/6 30/7
Nil | — —

F.P/84/6 13/8
F.P 117/6 30/7

f. an 13/8

F. 110/6 10/6

1883

High

1B9
190
Ip ml
234

ir

449

£68

25

Low

188

180

Ipml

218

£pm|

S3

380

£43

24

Applied Computer Teoh 1 189

Stock

;5a

\+or

Bank Lauml ((JK) £L

Granite ..... -

Grand Met 5Qp

4ank* St Cattail

Press (WmJ lOp j

Stretch I 3c Saatohl lOp. 1

Sketchley....... J

[Young iHj

158

2& m

ls m

410

259

25

+2

-li"

nonamJlBttan data mostly last day for dealing free of sump doty- 1 * Rear**
based on prospectus estimate. d Dividend ran paid oc payable on part of
cap/fate cover based on dividend on fuH espial, a Assumed dividend and yield.
( indicated dividend: cover relates tn previous dividend, P/E- ratio based on latest
annual namings. u F ore c as t dividend: cover based on previous year's earnings.
F Dividend and yield based on prospectus or other official estimate* for 1982
O Gross. T Flyuras assumed. & Figures ck report awaited. 4 Caver allows kir
conversion of a bare* not now ranking for dMdnd or ranking only for restricted
drvtdnnds. 5 Placing price, p Panes, unless oth e rwise Indicated. 1 1ssued by
tender. I Offered to holders of ordinary shares as a "rights,” "•issued by way of
capitalisation. 55 Reintrod u ced, 11 Tuned in oonnectiM with reorganisation,
merger or taka-over. || Int r od u ction. Q Issued to former preference holder*.
■ Allotment lensis (or tally-paid). • Provisional or partly-paid allotment letters.
•k With warrants.- ft Dealings under special Rule. 4 Unlisted Seountiae
Market- it London Listing, t EffiKSUvs IMW price after scrip, f Formerly
dealt In under Rule 163(2) (e). tt Unit comprising five ordinary and tores
Cap. shares. A Issued free as an entitiemant to ordinary holders.

Public Works Loan Board rates

Effective July 7

Quota loans repaid.

at

Non-quote loans- A" repaid
at

Tests

by HPT

A*-

tntrturity§

byBPt

At

rasturityH

Up to S

131

131

.13*

14*

14*

14*

Over 5, up to fi

13ft

13ft

13*.

14*

14*

14*

Over fi, up to 7......

13*

13*

.13}

14*

14*

14*

Over 7, up to 8

13ft

13*

14

14*

14*

14*

Over 8, up to 9

I3ft

13*

14

14*

14*

14*

Over 9, up to 10 ...

12?

13*

u

■ 14*

14*

14*

Over 10, up to IS...

14

14

13*

14*

14*

14*

Over IS, up to 25...

13ft

13*

13*

14*'

14*

14ft

Over 25

131

13*

13*

14*

u*

14*

• Non-quota loans B are 1 per cenr higher to each case than
non-quota loans A. f Equal instalments of principal, t Repayment
by half-yearly annuity (fixed equal half-yearly payments to latitude
principal and interest). £ With half-yearly payments of interest only.

Dates when some of the more important compa^diridead
statements may be hi the next tow weete arc S™ taxhe

following table. The . d«« tSLd meJSS

(SK“d m th«*rta™ Piviay.d , ? h,

j“«iS n« necoMrift- be, at the amounts in the Column

headed "Announcement last year.

Date

•Acrow .....July 27

•Alexanders

Discounts July 19
*Atiisd , . „

Col folds.. —July *
•Allnatt

London...,, July 13
"Amsrshsm

lnfsm«t/oai>..Jvly 12
■Associated

News pa pars. .July 15
Ault and

Wiborg..JLug 5
AutomotivB

Products... Aug 13

■Bank

Lou mi (UK) -July 21
Barclays

Bank..... -Aug 5
Bath and

Portland.. July 15
■Bibby (J.) ....-Aug 4
•Bilton (P.) ..July 26
British

Aluminium.. -Aug 11
Brown (J.) .-July 24
•Cable and

Wi reins.. July 13
Carrington

VlyaUa-.-Aug 13
Coimnarclal

Rank Aust. Aug 13
Commercial

Union.. .Aug 11
■Daily Mail and

Genl Trust.. July 15
Davy Corpn — July 23
Da Bears ......Aug 18

■Distillers - — July 15
Dixons

Photographic.. July 30

■Dowty JuW 15

•Fitch Lovell ..July 29
General

Accident... Aug 11
■Gaststnsr — July 21

Glynwed Aug 5

Gold Fields

SA-.Aug 18

GUS -July 18

•HAT Group ..July 13

•HME July 18

■Haalemere

Estates.. July 15
HiJISRto Aug 3

Announce-
ment last
year

Final 0.75
Interim 5J5
Final 1087
Final 3.4
Final 3.51
Interim 4£
Interim 0J
Interim t JO
Interim 3,15

Interim 10.6
Interim 2.0

Intgnm 2-4

Final 4.4

Interim 2.0
Final 2.5

Final due

Interim nil

FtaaJ due

Interim 4.85

Interim 11.0
Final 4.7
Interim 25c
Final 7.75

Final 2.179
Final 2.B
Final 3.71

Interim 7.5
Interim 1.25
Interim 2.45

Final 320c
Final 8.0
Final 1.25
Final 5 J

Final 4.58
Final 3.75

Annoy itea-
Dats mulian

Hogg , .

Robinson- -July 21

Hoovar ..Aug 8

Horizon _

Travel.. -A <19 17
•Illingworth , . „
Morns.. July 2

•tci

•Initial --■?*[ J®

Lex Sorvicf -July
■Lloyds Bank .. Jidy 2
Uonrlto 22

Furmiurttoa-July 22
•Matmat and

Southerns.. Ju*y if
-Midland Bank July 30

■NstWest 27

Mott 1 tv} ho m

Msnufctrg .July 2
Ocean

Transport .. Aug Ji
Presdy (A.) .-Aug 3
•Rank • . , ,«

Org«nl»tiort..Ju , Y 1-

Rtntokil AVO 5

■Rothman* , . __

international.. July 20
Royal , ,,

Insurance.. JLug w

Securicor . — Aug l-
Sh.Ii . „

Tranaport..Aug 20
Smith and

Nephew.. ^ug 11

SnnhouM A«g 2D

•Ti Group »«

Taylor

Woodrow.. .Aug 11
•Thom EMI I-July 15
Transport

Development...Auo ID

Ultramar Aufl 13

•Unignta ..„....Juiy 21
•Union .

Discount. .July 21
Vantona .....July 28
Wagon

Industrial.. -Aug 4
Wdofworth

(F. W.)...AU9 12

Final 3.0
Interim duo

Interim 1.18

Final till
Interim 9.0
Final 6.25
Interim 23
Interim &B3S
Interim 3.0
Fmal 1.S2

Final 3.0
Interim 8.0
Interim SJS2S

interim 1>1

Interim 4.3
Final-2.75

Interim 4.8
interim US

Final 245

Interim 9.75
Interim 0.58

Interim 6.5

Interim 13
Interim 1 52
Interim 12.5

Interim 3.16
Final 10.575

Interim 1.48
Interim 5.0
Fine! 4.0

Interim 9.0
interim 3.0

Final 3.0

interim 1-225

• Board meeting intimated, t ftighta
Issue lines made, iTax free, | Scrip
Issue silica made. 1 Forecast.

BASE LENDING RATES

A.B.N. Bank 12%%

Allied Irish Bank 121%,

Amro Bank 12

Henry Ansbacher 12|%

Arbntonot Latham ... I2«%
Associates Cap. Corp. 13 %

Banco de Bilbao 12*%

BCCI 124%

Bank HapoaUrn BM ... 12*%

Bank of Irela nd 124%

Bank Leumi (TIK) pic 124%

Bank of Cyprus 124%

Bank Street Sec. Ltd. 134%

Bank of N.S.W 12*%

Banque Beige Ltd. ... 124%
Banque du Rhone et de

la Tamise SJL 13 %

Barclays Bank 124%

Beneficial Trust Ltd. ... 134%
B re mar Holdings Ltd. 13*%
Brit. Bank of Mid. Bast 124%

■ Brown Shipley 121%

Canada Perm’t Trust— 13 %
Castle Court Trust Ltd. 13 %
Cavendish G'ty T*stLtd. 14 %

Cayzer Ltd. 124%

Cedar Holdings 13 %

■ Charterhouse Japhet... 12*%

Choulartons 13 %

Citibank Savings 112)%

Clydesdale Bank 12*%

a E. Coates 1S4%

Comm. Bk. of Near East 12*%

' 'Consolidated Credits..: 12*%

Cooperative Bank *124%

Corinthian Secs 124%

The Cyprus Popular Bk. 12*%

Duncan Lawrie 12*%

Eagil Trust 12*%

E.T. Trust 121%

Exeter Trust Ltd. 131%

■First Nat Fin. Corp..’.. 15 %
First Nat Secs. Ltd.... 15 %
Robert Fraser 13 %

Grindlays Bank

■ Guinness Mahon 124%

■ Kambros Bank 124%

Hargrave Secs. Ltd. ... 12 J%
Heritable & Gen. Trust 12J%

■ Hill Samuel Sl2|%

C. Hoare & Co ; tl24%

Hongkong & Shanghai 124%
Kingsnorth Trust Ltd. 14 %
Knowsley & Co. Ltd. ... 13 %

Lloyds Bank 124%

MallinhaU Limited ... 121%
Edward Manson & Co. 134%
Midland Bank 124%

■ Samuel Montagu 124%

■ Morgan Grenfell 124%

National Westminster 124%
Norwich General Trust 124%

P. S. Refson & Co 124%

Roxburghe Guarantee 13 %

Slavenhurg’s Bank 124%

Standard Chartered ...Jil2*%

Trade Dev. Bank 321%

Trustee Savings Bank 124%

tcb; 124%

United Bank of Kuwait 124%
Volkskas Inti. Ltd. ... 124%
Whiteaway Laidlaw ... 13 %

Williams & Glyn's 121%

Wtotrust Secs. Ltd. ... 124%
Yorkshire Bank 12*%

■ Msmbcrs of xhw Accepting Houses
Cammittm.

• '7-day deposits 9.5*.i, 1 month
9.75%, Short term £8.000/13
month 12.IT4.

t 7-dav deposits on sums of: under
HO. 000 9V.'.. £10,000 up to

E5CLQOO 10VS. £50000 and over
11%.

t Call deposits £1.000 and over
9V.1.

R 21-day daposits over £1,000 10V.S.

i Demand deposits SV.i.

1 Mortgage base rate.

RESULT OF POLL

At the Annual General Meeting on lstjuly 1982,
a Poll was demanded in respect ofthe Resolution
to adopt the Annual Report The result ofthe Poll,
as ascertained by tbe Scrutineers, was as follows:

For theResolutm 267,78Q#92
Against the Resolution 5,254,276

J. KM. SAMUEL
Director & Joint Secretary
Marks & Spencer p/c_

M. J. H. Nightingale & Co. Limited

27/28 Lovat Uno London EC3R 8EB

Telephone 01-621. 1212

.moo’s

.capitalisation Company

4,044 .. Aaa. Brit. Ind. Ord. ...

— Aaa. Brit Ind. CULS...

4,110 Alrsprunp Group ......

1.073 - Armitaga %- Rhodes. w ..

13.331 Bardon Hill

1J375 CCL 11 pc Conv. Praf...

4,189 CJndlea Group ' :

4.952 Daboreh Sarvtcom

4JT70 Frank Ho real I .......

10.690 . .Fredarick psrkar

978 Georgs Blair,..*.

3.980 Ind. Precision Castings

2.640 I ala Conv. Prof.

2.857 . Jackson Group _..™.

18.978 Jamas Burra ugh

2.346 Robert Jenkins

4,140 Scruttons "A"

3.783 Torday & Carlla/a

3.953 Twfnlock Ord.

2.157 Twinlock 15pc ULS

3,815 Unllook Holdings ......

10.757 Walter Alexander

6/484 W. S. Yeaita ......

Pncas now available

Change Grose Yield
Price as week diir.(pj %

PTE
Fully
Actusl Taxed

120

6.4

5.3

100

13.4

131

+ 2

10.0

7.5

__

71

—

8.1

80

6.1

130

43

■ — -

4.3

10.0

3.6

8.1

228

+ 1

11.4

5.0

9.6

111

110

—

15.7

140

285

—

26. 4

fO.O

10.7

120

64

+ *

6.0

6.4-

3.2

6.6

134

+ 4

7.9

6.9

5.6

6.1

74

' —

6.4

8.6

30

7J2

. 63

— —

—

_

98

.7.3

7.4

7.1

10.7

110

+ 2

15.7

14.3

105-

— —

7.5

7.1

3^2

6.7

123

+ 3

9.6

7.8

9.0

10.0

230

—

31.3

13.6

3-2

8.1

7B

+ 4

5.7

7.2

10.3

12J

155

—

11.4

7 A

7,0

11.9

•16*2

+ 1

■

12.1

17.6

79

■ —

15.0

19.0

25

— •

3.0

12.0

AS

70

85

+ 2

.6.4

7.5

6-6

9.6

235

+ 1

14^

6.2

6.2

120

on Prestel page 48148.

FINANCE FOR INDUSTRY TERM DEPOSITS.

23/7/82

Terms (yean) 3 4 B 6 7 8 0

% 13± 13i 134 134 134 13} 13} i

FFI

Piques paytole to *3ank of Eng^afeFFr’m

atoR h o Mha co^^

THE THING HALL
USM INDEX
128.0 (+0.3)

Close of-buslness: 9/7/82
Tel: 01-638 I59i
. BASE DATE 10/11/80 100

ladbroke index

. Close 550-555 (+2)

Financial Times Monday My 12. 1982

Conpanies mmA Markets

INTERNATIONAL CAPITAL MARKETS

3

CREDITS

INTERNATIONAL BONDS

WORLD BANK

Australian borrower General rally a possibility after Low cost for variable

reaps benefits of
Bight into duality

NOTHING illustrates the flight
into quality in the Euromarlceit
more than the ease with wtadh
the State Electricity Commission
of Victoria was. able' to ■ raise,
last week a $120m loan.

The maturity of the loan at
15 years is l almost twice the
average preferred m tbe market
nowadays even forweU-regarded
names, and the magging are
such as to make these borrowers
green with envy. .

Interest will be charged at a
margin of i per cent over
Eurodollar rates for the first two
years, jj for the next seven and
4 per cent for the remaining
six. Repayments will start after
a grace period of 12 years.

Merrill lynch, which is act-
ing as adviser to the borrower,
said on Friday that the whole
deal was committed on these
terms, although the fnH. list of
lead managers is not being
disclosed titt later this week.

-The Eurocredit market win
also shortly have .a chance, to
savour another Australasian
risk in the form of the New
Zealand Refinery Co which is
raising 5750m through a group
of banks led by Lloyds, Morgan
Guaranty, National' .Bank of
New Zealand and Bank of New
Zealand.

This credit follows hard on
the heels of tbe $1.7bn financ-.
ing for the New Zealand Syn-
thetic Fuels Corporation and
is expected to be. raised on
terms similar to the $500m.
credit arranged by the same
borrower in 1960. '

New Zealand Refinery then
paid a margin of 4 per cent
for the first three years, rising
to- 1 per cent for the next five-
and | per cent for the final
four. Both that credit and the
new one are to finance the
country's only refinery at
Marsden Point on the North'
Island.

But while the market is
enjoying doing business with
these customers,, news has come
in of yet another rescheduling.
Malawi; with debts of around
$600m and a 1981 current
account balance of payments
deficit of 5110 m, has asked its

decline in interest

bankers for an agreement to
defer repayment of debt

Little .. is. known at the
moment about lie . details of
its request, but the country, is
also understood to be negotiat-
ing facilities from the Interna-' -
tional Monetary Fond and the
World Bank.

In itself Malawi's debt prob-
lem is a relatively small one,-
but its disclosure only serves
to add a little, more to the
gloomy atmosphere surround-
ing sovereign lending these
days, even If a chink of light
may- have opened up in a much
bigger debt problem, that of
Poland.

As already reported. Western
banks are pro mising to con-
sider recycling interest pay-
ments back into Poland in .the
form of short-term trade finance
that is needed to boost its
export industry.

Poland would have to agree
to meet afi its $900m interest
payments to' Western bonks tfcfls
year and not all the payments
would be recycled in the form
of trade credits. Such a solution
may prove hard to sell to Ml the
500 banks owed money by
Poland but it could otin offer a
way out of the impasse caused
by Poland’s inability t» meet
all The interest payments out:
of its own resources. . j

Mexico, meanwhile, has not
yet launched another large |
borrowing as a follow up to its
recent jumbo credit, but seems
to prefer for the time being to
concentrate on discreet small er
loans.

One such operation reported
in the market last week in-
volved efforts by a UK bank to i
arrange a $150m, throe-year
credit for Finasa, the sugar
industry finance board, at a
margin of 1} points over Euro-
dollar rates or 1 per cent over
UiL prime. Banks willmg to
take $20m were offered a very
generous fee of } per cent

Despite the problems of the
Canadian oil and gas industry,
one company from this sector is
braving the Eurocredit market
Ocelot Industries Is raising
$75m through an eight-year
credit with an average life of
61 years and a margin of 1 per- :
centage point over Libor. The
operation is being led by Orion
Royal Bank.

Peter Montagnon

THERE IS nothing like' a. bank
failure to concentrate the minds
of Eurobond dealers, economists,
central bank' authorities, and
anyone else with an interest in
tbe volatile world of interest
rates. ,

For months now the bxnch-
; table talk of Eurobankers has
been grim, even macabre. , If
there would only be a major
U.S. corporate or bank failure,
they have reasoned, the imme-
diate shock impact would lead
authorities to inject liquidity
into the market whioh would
finaly result in fatting interest
rates.

The past seven days have
seen a small bank failure in
Oklahoma — Penn Square — but
the ripples have led to exaggera-
ted fears, emotional sealing of
U.S. and Canadian bank Euro-
paper, mid above all, the lnnt
of what many Eurobankers per-
ceive- as a fear-induced decline
in doBar interest rates. The
result? A passible Eurobond
market rally, provided it is not
kffied off by a flood iff new
fixed-interest issues.

By the end ' of last week-
after a major Euromarket sell-
off of US. and Canadian bank
bonds, floating rate notes and.
certificates of deposit— there
were indications that the' market
was gearing up for- a rally.
Prices of Eurodollar bonds rose
by a point on Friday, "the six-
month Eurodollar deposit rate
had fallen { per cent on tbe
week to 15) -per cent, and new
issue managers began speaking
again about a window for
borrowers.

Several Eurobankers reck-
oned the bank paper sell-off had
been overdone and indeed, there
were signs of limited buying
late on Friday. But Thursday

bad seen the temporary suspen-
sion of trading in Continental
Illinois bonds and Friday' saw
the same thing happen to Cana-
dian Imperial Bank of Com-
merce (CIBC) paper.

Major Eurobond institutional
Investors— those whose port-
folios are in the multi-billion
dollar bracket — confirmed that
they had engaged in distress
setting of floating rate notes and
CDs. The blocks sold had been
of $5m/ $10m and higher
amounts an some cases, and
these included- top U.S. bank
names with very high- yields.

It was this kind of selling
of bank paper, irrespective of
yield, which underscored the
seriousness - of Europe's con-
cerns. Was the sell-off of bank
paper overdone ? One investor
complained on Friday it was
“very -hard to find a market.”
Another fund manager com-
mented: “I don’t personally
believe these banks will have
their doors -dosed, but that
doesn’t prevent the market
from worrying."

The most tangible effect of
the banking' worries was that

Euro funds went rushing into
. Uji. Treasury bonds and. into
sovereign >risk. paper.. The
Government of. Canada’s $750m.
bond improved by 4 point an
Friday and at 98 was yielding
14.95 per cent, not more than
10-basis points away- from five-
year U.S; Treasury bonds.

AT&T's .14) per cent paper
shot up- to a price of 108 on
' Friday; providing a yield of
T.3:3S- per ^cenL The smart
money, said traders, was piling
into quality issues.

• . On tbe. other hand, the
floating rate notes of CIBC,
Continental Illinois, and Bank
. fuer . Gemeinwirtschaft fell
. sharply on Friday. BfG’s 1SS9
FRN at i per cent over Libor
lost one point to close at 974
-to 9SJ. CIBC s new 1994 paper
at ? over the three-month level
fell by. £ point to 97£ from 9Si,
while Continental Illinois's
floater on the sarvq terms also
- shed 4 point to stand at 875 to
98}.

I All of this having occurred
however, it must be . stressed
that the Eurodollar bond
market’s undertone is firm and

interest rates declined on
Friday. The news of a $3-7bn
drop in the U.S. Ml money
supply is another constructive
development

The Euro D-mark bond
' sector saw on Friday an
encouraging upturn of i point
The New Zealand 9} per cent
paper is doing very well, while
South .Africa’s Postal Service
104 per cent deal traded at
yields of 11 per cent This is
viewed as a reasonable level
for tbe less-than-popular South
African paper, while seasoned
Argentine DM bonds are yield-
ing around 15 per cent

The World Bank will be
watching the D-mark sector
closely and may come to market
this week. The coupon range
appears to be 9£ to 9} per cent
and the World Bank will
obviously be hoping for an
improved market and the
lowest possible coupon.

Agip, the Italian energy
group, has postponed its
•DM 100m issue until after the
summer. Em hart, the U.S. in-
dustrial group, meanwhile, has
been forced to increase its DM
coupon to 9} per cent after a
poor reception.

■In Switzerland, the slightly
weaker U.S. dollar helped the
bond market to improve on Fri-
day. One cloud on the Swiss
horizon is a rising inflation
rate, but 'the six-month Euro-
Swiss .deposit rate is a modest
5 13/16 per cent.

D It was learned over the
weekend that the Japanese
Ministry of Finance has author-
ised four . Japanese banks to
issue fixed interest Eurodollar
bonds. New issue managers at
several London-based banks
were understood to be working
over the weekend on a $50m
fixed interest bond:

Alan Friedman

rate dollar funding

“WITH REAL U.S. interest
rates as high as they are, this
is a good time to be borrowing
short-term dollars.'’

Thus Dr Joseph Wood, direc-
tor of Financial Policy and
Analysis at the World Bank,
explains the reasoning behind
the bank’s decision to start bor-
rowing at variable rates in the
XXS. money market

Within tbe next few months
the bank is expected to embark
on its first operation of this
kind. 3h its current fiscal year
to June 30, 1983, it will raise
a maximum of $1.5 bn in
variable rate debt, the bulk of
which will come through the
rale on a discount basis of one-
to six-months notes in the U.S.

In London last week to ex-
plain tbe new programme, Dr
Wood maintained that the cost
of this form of borrowing was
considerably cheaper than
medium-term borrowing in the
floating rate note market or
through syndicated bank
credits:

He said the World Bank
hoped to achieve a very fine
margin over UB. Treasury Bills
with its programme, which
could give the bank access to
some of the cheapest dollars
in the market

On Friday six-month U.S.
Treasury bills were trading at
just over 12 per cent while the
six-month Eurodollar rate, on
which floating rate notes and
Eurocredits are based, was 15}.

The new borrowings will
reduce the need for the bank
to raise expensive medium- and
longterm bonds in UB. dollars
as part of its $9bn programme
for the current fiscal year, but
Dr Wood stressed that the bulk
of its operations will still be
at fixed rates of interest

By offering a new type of
instrument in the UB., the bank
hopes that it may broaden the
range of investors buying its
paper. The short-term U.S.

CURRENT INTERNATIONAL BOND ISSUES

Amount

Av. life Con
Maturity yean °

Borrower* m Maturity yean %

US. DOLLARS

- CSRt 75 1989 7 T6

HBt 100 1992 833 151

Credit Fonder de Franeeft 200 . 1989. , 7.. . —

Bonque Wocrnfft 75 1994 12 5i®

CRAjt 250 1990 .6 --

D-MARKS

New Zealand? 100 1987 5 95

Emhart On. Cap4 100 -1989 7 9|

Po stmast er Gen. SA**t 75 1987 5 104

CNT 100 1992 10 • 9f

* Nat yet priced. * Fired ttnna. •* Placement, t Floating rata nota.

Lead manager

Offer yield

S. G. Warburg 16.000

UBS Sees.' 15.650

CC?, Morgan Guaranty,

Dti-Iehi Kcnsyo- . . . —
CSF3, Sanqus Worms . —
BA Asia —

Commerzbank 9.121

BHF 9.351

Deutsche Bank 10.530

Wert LB *

. 9 Convortibla. Nota; Yields am

Borrowers ■ -

SWISS FRANCS
Natomas Ovs. Fin4
Kansai Electric):

NTN Toyo Bearing**§
First Interstate Bk**t
Kiyaba lnd**i

NYK Line

ECUs

Credit Fonder de France

calculated on . AIBD basis.

Amount

Maturity yean

1990 —

1992 —

-1987 —

1987 —

1987 —

1992 —

dollar market is very large and
liquid, he said, which made it
an obvious choice for this type
of borrowing

The West German authorities
have indicated that they would
not wish to see the bank bor-
rowing at variable rates ' in
D-Marks which has been one-bf
its favourite currencies

Markets in many other cur-
rencies are too thin to sustain
the type of borrowing the bank
wishes to arrange, which is
another reason for choosing .to
concentrate its short-term bor-
rowing on dollars.

The World Bank has decided
to move into short-term vari-
able rate borrowing basically
because k fears the fixed rate
markets may not grow enough
to support its very heavy fund-
ing needs.

Already in the first part of
tbe last fiscal year its liquidity
dipped from the usual level of
around $10bn to below $9hn
as some borrowing had -to be
deferred because of the state
of the markets. At the end of
June the liquidity was back up
to $10Bbn, Dr Wood said.

Dr Wood acknowledged that
the Bank could make a . profit
on the short-term borrowing
if it Created the funds raised
as liquidity and invested .them
in higher -yielding short-term
instruments.

In that case the benefits
would be passed on to the
bank's borrower country clients
in the form of lower loan fees,
although the bank is going to
pass on the interest risk in
short-term borrowing by alter-
ing its loan rate every six
months from sow on.- -

Dr Wood said that these
alterations would be fairly
small because the major portion
of the bank's debt— -it has some
$33bn outstanding— would still
be at fixed rates of interest

P.M.

Lead manager

Offer yield

991 SBC

100 UBS

* SBC

100 UBS

100 CS

• CS

Banque Indosues,
Kredietbank Inti.

BRNCn TDTTH & HCIIRES

a

— • BANCO TOTTA & AZORES

Head Office: RnaAurea, 88 — 1100 LISBON • PORTUGAL
Branches in London, New York and Cayman lslands

BALANCE SHEET AS AT 315JT DECEMBER 1981 Cntonsands of Escudos)

Assets

and deposits with central banks

Collections

Interbank loans and deposits

Gold and sundry currencies

Loan porto folio ......

Less provisions for bad debts .... .

Portorolio of securities

Sundry debtors. ............

Trade investments —

Buildings. .....---

Less depredation

Equipment

Less depredation.......

Other fixed assets.........

Less depredation • — • •

Other assets

Total...

15.794,810

5,492,582

18,813,939

141,209,348

1,545,494

773,769

1,880,861

634J9TO

40,607383

138,186,756

11,608,499

1,272,764

542*52

1,45635*

331,967

1,245391

. 14, 464>3Z£

2*9.Tt7ML

Iiabffltfes

Demand deposits 45,449,283

Tnncdqx^oTT. ... 131 .301.712 176,750,995

Tntgrhank loans and deposits ...... 19336,028

Sundry creditors. 1,593,091

SSSmST...... 9,112,652 30,041,771

Frovirioos for special risks , „„„ 512,460

Serves. 5.388 2355388

Profit for the year WW*

n09.717.04t

CONTRA — ACCOUNTS

Safe custody items

Collections for customer* .
Collateral held as sec urity .
Guarantees and avals given
Letters of credit opened...

pledged coHaieral

Forward pfifflChSsKS. ...... ...... ••••••<

Forward sales

Other contra and memoamdmnaccwaits ,

•40,546,663

8338,189
31,78234*
24^12,667
2324,465
731,

239
22345

16,676

7,720,778

PROFIT AND IXISSACCOIjNr BOR THE YEAR ENDB031ST DECEMBER 35W1 _

, . ..I,., •nwj ua. Iiuorestrecerrabk...* • 23, Sf , SS

Interest paya ble. 2365333 CcanntisfionsrecoraNc. ......

Personnel expenses .............. otherbanidngprefits.........

General expenses....^-——— *** 192,049 Incoincfromsccaritics............-— —

Other banking expenses "" 5W33 Other Incomes .. 425,647

Sundry taxation n5 ^

Depredation 1797 37*

Provirions ‘TSm

Profits .iggg Total.....* 27,725.228

Total. mmtLmSSSS

appropriation ACCOUNT

^

pxoaorriijiatytosses...^*-*-*"-**-”’""***" mirt Banoxrinuiygiriiui ,

pioft for thejeor ■*•**— ^ pyoririons no longer req ui red — 419,996

gj itl‘ , 654.411

RBI.,. • • • _ _ —

— : . . . ^ ^.w^«^p «^MTrirffa»mradalgccmtoinBnPentt(RT.AA.tathe only Fortngnese Credit

CHEEP ACCOUNTANT AND CONTROLLER
BaariscodkOefltLBKP

CHAIRMAN
Ahum Join Knto Coma*

Srl H bmNfiniJter of State and of finance and Planting as at 31st Mayl982.

14

yp- -

3 Coapam and markets

3 -

INTERNATIONAL CAPITAL MARKETS

Financial "nines Monctaj .JW.

AND COMPANIES

V f ’

■4-" <h

U.S. BONDS

Fed eases tension
to market’s delight

S-

TEE UJS. credit markets ware
in & state of near-euphoria by
the end of last w&k, amid signs
that the Federal Reserve was
trying to encourage a fall in
interest rates. Some excellent
mpney iopplyfigures were sugar ,
on the cake:

This was . not how people
expected things 'to turn out.
The week started badly with
the collapse ofPeam Square
Bank in Oklahoma — a calamity
that could torn out to be as
severe for the banking system
as May’s default of Drysdale.
There were' also worries that
the Fed- j( which had he4d a

U.S., INTEREST RATES (%)

Week to Week to
July 9 July 2

Fed. Funds Wfcfy «v. 13.77 J4J8

3-mc nth True. WII* ... 11.82 12.52

3-month cd 14.50 15 JO

30-year Treas. bonds... 13.64 13.83

■ TowTifiirty is .88“ ib.is

AA Industrial 15.50 15.75

Source: Salomon Bros (estimates}.

In the week to June 30 M-1 fell SSlTbo. .
to S445Jbn.

policy meeting the week before)
would -stand fast because ofstbe
expected bulge in the money
supply later this month.

But the Fed supplied the
credit markets with reserves at
a heady . rate all weds. long.
Some of it was obviously Lnten-

■ ded to eSSe tensions' caus ed“6y‘
Perm Square. But by Friday
few people' doubted that_sthn&
thing big was afoot " ’ ’

The popular interpretation; is
- that the-Fed has not relaxed rts
restrictive money supply growth
targets. But it may now feel
it has the leeway to ease up a
bit and provide the interest
rate refief everyone is crying
out for.

After Friday’s $3.7bn decline
In Ml (much more than Wall
Street expected), this crucial
measure is sow comfortably
within the Fed's target range of
2} to 5i per cent annual growth.
So even if the July bulge does
materialise, it need not set off
the alarm bells. This coming
Friday’s figure will see the first
of it: Ml could be up between
$5bn and $10bn.

Analysts are being - more
cautious about labelling .tins the
turning point, however. The

Fed is unlikely to feed a big
burst in credit demand. So the
moment, the pace of borrowing
begins to pick up and the U-S.
Treasuiy comes bade to market,
interest- rates could easily move
up again.

■ ”A is July 20, when.

Mr Panl'VoJeker, the Fed chair-
man, his s emi-annua l

testimony to~Congress on mone-
tary policy. ' He will use the
occasion to lay out the: Fed’S
money supply targets for the
second half of this year. Accord-
mg to a leaked report in toe New
York; Times this weekend, the
feeling at toe Fed is that the
present targets should be left
unchanged," but no final vote has
yet been taken.. Although it is
re-assuring that toe Fed is stick-
ing to a leaked report in the New-
might be disappointed, " es-
pecially at the short end, -not to
.see signs of. more accommoda-
ration. : .‘. ....

For • toe moment, however,
things look a lot brighter. Short- 1
term interest rafes^fell fay over' 1
1 per cent last week, holding
out toe prospect of a^.cuj in the,
prime rate from its present 16 f
per cent level. Last week's clos-
ing . rate . for certificates of
deposit which strongly influence
the prime, -suggested bankets
could faring it down to 16 per
cent,' ■ providing there axe no
nasty surprises.

- ; The Fell funds rate was close
to -13 per cent by Friday night,
.and . analysts- believe it should
now settle into a new trading
range-around 12f per-eenfc-TWs-
fall in funding costs, along with
the new mood of optimism,
pushed tip' bond prices by two
or three points. The long

- Treasury bond dosed yielding
JL3 AO. . per_ cent, . having started
the week over 14 per cent

This week’s new issue calen-
dar is light — as was last week’s

— but borrowers may well have
derided over toe weekend to
take toe plunge jif a stronger,
market There are now dozens
of “ shelf ” issues which can be
brought down at a moment's
notice.

For once, there are no major
Treasury issues, apart from the
regular weekly auctions of bills.
Key statistics include industrial
production for June due on
Thursday, -which will be down
because of toe fall in car out-
put, and -toe producer price im-
'dex- on- Friday, which - could be
up only slightly.

David Lascelles

Lord Weinstock fails to
allay AEG union fears

BY KEVIN DONE IN FRANKFURT

LORD ■- ’WEINSTOCK, -.- chief
executive of General Electric
Company, failed at the weekend
to allay trade union fears about
the UK electrical group’s
planned participation' in - the
rescue of financially stricken
AEG-Telefahkeh, West Ger-
many’s second-largest electrical
and electronics concern.

■ At a* four-hour -meeting on
Saturday with the 10 employee
representatives on the AEG'
supervisory hoard. Lord - Wein-
stock made clear, however, that,
if toe work force continued its
outspoken opposition, GEC
would give up its bid to -pur-
chase a 40 per cent interest in
AEG’s capital goods business.

West German trade unions
and the AEG workforce realise
they are being backed into, a
corner in their continuing oppo-
sition to the breaking up of the
company,'- but they still appear
intent on seeking an alternative
“national German solution.”

give any guarantees- , about
future job security, toe. major
trade" union fear, or about his
influence on AEG management

policy.

Under toe rescue plan pro-
posed by AEG management to
save the ailing West German
electrical giant, the concern
would be broken up into
separate companies for capital
goods and consumer products. -
Lord Weinstock also met
AEG management at the week-
end for the latest in a series
of discussions that have taken

place over the last year.

The crisis surrounding toe
beleaguered company is ex-

pected to take a derisive turn
later this week,' when the Gov*
eminent is due to deride on
AEG’s application, for loan
guarantees covering export
orders totalling - DM 600m

(S24lm).

The g u a ran tees should offer
AEG at least a temporary
- breathing space In its fight to
stave off financial collapse, by
. allowing the banks to grant new
credits to ease the company’s
tense short-term liquidity
position.

JAL group profits ahead

BY OUR FINANCIAL STAFF

JAPAN AIR LINES (JAL) has
reported a 75 per cent increase
in its consolidated net income
for the year ended March ' to
Y5.3bn (621m) from YS.OSbn a
year earlier.

The results mirrored a similar
performance at the uhconsoli-
daed level of a 59 per cent rise
in net profits to Y5£bn on a
10.6 per cent increase- in

revenues to Y723.62bn,

• Kobe Steel has postponed a
decision on .whether to accept
a proposal by Wheeling-Pi ttfi-
burgh Steel Corporation of the
U.S. for financial co-operation
in a seamless steel pipe project.
. ~ Wheeling-Pittsburgh .plans to
build a $140m seamless steel
pipe plant and has asked Kob
to put np half toe money. .

Permission
for Citicorp
data arm

BylXivM-LaKdJe* Jn Hw York

CmCOKP, toe targe New
York banking grown his re-
ceived permission front the
. Federal Reserve Board to
.set up a subsidiary to enter
the data processing and trans-
misson business.

The move narks an import-
ant milestone in the banking
industry’s efforts to break in-
to new fields. It also deals a
blow to the existing dat»pro-
eessing business, which had
opposed Citicorp’s applica-
tion on toe grounds that the
bank had Unfair, access . to
potential customers through
its banking relationships.

However, the Fed found
this was not so, though it
ruled that Citicorp can only
offer services related to bank-
ing,

Citicorp, which. wSl offer
toe services through a sub- -
sidiary called Cttlshare, has
'made a substantial jjnyest-
- ment In toe business. It was
to offer ; tone sharing, pro-
gramming, dalni bases, fore-
casting, accounting and many
g fr oi fo T services to clients.

Company in Panama

free trade zone

&Y DAVID GARDNER IN MNflMA

PANAMA’S COLON free trade
zone, the largest in the western
hemisphere with a turnover last
year of $4.4bn, has suffered toe
first casualty of its 34 year
existence.

Miramar, a oompany produc-
ing cubic zirconia— a srint .
precious stone used for imita-
tion diamond jewrikay— bas
ceased trading after accumulat-
ing losses put by the oompany
at “dose to 53.5m” over the post
three years. Miramar vws one
of the first light industries to
be set up inside The free trade
zone, as part of a continuing
effort to broaden the activities
of what was originally little
more than an international dis-
tribution centre. Added value
generated within toe free trade
zone last year reached a record
5207.5m.'

'When was set up in

1978, the price of polished cubic
zirconfe was 525 s, carat, with
unprocessed, zirconia— imported
largely from the . U.S. and the
Soviet Union, costing 47 cents
a carat The Miramar venture
was planned on the basis of a-
median price for finished stones
of 515 per carat

The price 'of; finished rineorria
plummeted earlier this year aad
bow stands at 65 cents per
carat: raw mroooi* has mean-
while risen 55 to 60. cents per
carat Miramar's turnover had
risen to neariy $4m when it
closed, with capadrty to produce
up to 10,000 polished stones a
day. Tito company started up
with a 53,5m credit under a
Panamanian state credit scheme
designed to promote labour
intensive, light assembly opera-
tions. -

The company's owners are
hoping its demise will only-be
temporary, and have given
-themselves six months to find
international backing for a more
diversified venture, proceeding a
wider range of semi-precious
stones. .

Miramar is part of a group
of companies centred on Inter-
national Ciers SA, one of which,
Motores Interna eternal es, has
the sole Larin American fran-
chise for the Soviet-made Lad a
car. lie strength of toe group
as a whole has meant Miramar
has had little difficulty in repay-
ing Us $3.5m debt or paying off
its 150 employees.

INTERNATIONAL APPOINTMENTS

Senior posts
at Kaiser
Al uminu m

• Mr william Hobbs, -corporate
vice president and chief financial
officer of KAISER ALUMINUM
AND CHEMICAL CORPORA-
TION^ Will assume new responsi-
bilities as senior vice president
and “assistant to" the nbafrrriap,
Mr Cornell Maler. Succeeding
Mr Hobbs as chief financial
officer is 'Mr Edward M. Qidnnan.
Mr Quitman has also been
elected a corporate vice presi-
dent!

.- Mr. Hobbs will additionally
serve as senior adviser on
domestic and international finan-
cial matters and will continue
his duties as a member of the
corporation's board of directors.

Mr Quinnan will report to the
chairman and will be responsible
for the corporation's varied and
on-going financial interests and
activities. Prior to his most
recent assignment as president
of Rancho California, a large
wholly-owned real estate- sub-
sidiary in Southern California,
he was assistant treasurer in
charge of all domestic financing
activities.

• Mr Bruno P. Valerians,

formerly a manager of Hoffmann-
La Roche, Is on July 1 to succeed
Mr Marc Steinfels as head of
management with the Zurich
detergent an d soap c ompany
FRIEDRICH STEINFELS.

• The Italian state energy con-
glomerate ENTE NAZIONALK
IDROCARBURI has named" Sir
Salvatore Fortalnri to succeed
Mr Florio Fiorinl as its financial
director. Mr Portaluri was pre-
viously a mana g in g director at
ENTs AGIP petroleum sub-
sidiary. The appointment was
made Mr Enrico Gandolfi, the
temporary commissioner of ENT
appointed by the Government
two months ago. Mr Fiorlni has
been relieved of his post as a
consequence of his apparent
involvement with Italy's largest
private bank. Banco Ambrosiano.
An inquiry into 512.6m worth of
loans ENl extended to foreign
affiliates of the bank is pending.
The bank is currently being run
by three commissioners
appointed by the Bank of Italy
after Ambroslano’s board voted
to dissolve itself following the
disappearance over two weeks’
ago of its chairman, Mr Roberto
Calvi, who was found dead in
London on June 19.

# Mr Mike Venn has been
appointed manager and vice
president of NATIONAL WEST-
MINSTER BANK’S San Fran-
cisco overseas '. branch. :He

Mr Mike Venn

!-

New Issue

June 1982

U.S.$ 75 , 000,000 ,

GTE Finance N.V.

(B tc otptmttedvddiliniitedlai^m^Ne&sriandsAjfti^)

Retractable Notes due 1997

QrumJRbyaZ Bank limited

Algemene Bank Nederland N.V.
Banque Internationale a Luxembourg SJL
Ctiwniwil Bank Twternflrinmil Gtnup ...
Continental Illinois Limited
Girozentcate and Bank derdsten gac fciachen

Soriete Generate de Banqne SJL

Banque Bruxelles Lambert SA.

Blyth Eastman Paine Webber International
• limited

' r A ir m iardMiilc Abtiengg g efittili a ft

Credit Lyonnais

^ Salomon Brothers International .

Swiss Bank Corporation International
Limited

Westdeutsche Landesbank Girozentrale

Amhold and S. Bleichroeder, Inc
Julius Bflw Intgmarinnal Tirniftpri
Banra f!n mm ffrria1<» I talians '■

Banca del Gottardo

Bank of America International Limited
-Bank GutzwSler, Kura; Bungener
(Overseas) limited

Bank of Helsinki Ltd. _ _

BankHeosscr& CieXG "

Rank Leu InfoTTorinnal T.trL
Bank Mees & Hope NV
Bank Morgan Labouchere N.V.

Banque Indosuez

' Banque du Rhone etde la Tamise SA • •'
Banque Populaire Suisse 5 A
Luxembourg . v •_

Banque Worms

Barclays Bank Group ~ .

Baring Brothers & Co., Limited '
Bayensche Hypotheken- und Wechsd-

B ank Aicri^grte Tltrha if _____

Bayensche Veremdbauk

Akucngesdlschalir

Bergen Bank A/S ■ :

Berliner Handels- und-Fran kfiir t cr Bank- - -
B.S.L Underwriters T limited • ■ ’ •

Cazenove& Ca

Christiania Bank ogKreditkasse

- CIBGLimited

Compagnie de Banque et
d^invesrissements, CBI " "

Copenhagen HahddsbankA/5
Crddit Industrie! d 1 Alsace et de
.! Lo>naine

CredStlndustrid et Cdmmcrdal .

- Credit duNord ■

Chcditanstak-Bankvcrehi
DaiwaEurope limited
Richard Dans & Co. Bankiers
- J3elbruck& Cou_.

Den norske Credabank
"Detasche&rozentrale —

Deutsche rn mnumall^nt —

DG BANK Deutsche
-Gehossensdafisbanfc L
Dominion Securities Ames Limited
Efiectenbank-Warbuig Aliiengesrilsrhafi :
Euxc^Csf S.pA.

Euromobniaie

Europarmcrs Securities Corporation -
Fim Chicago limited
Fuji Xmeroanozial finance limited
GenostejMch^kdto'^CTnaTbank
— AG Vienna.- .

Qreenshidds IwTiiporattd . .

. Mam1ny >p Rank TJrnrtt>d

' HandelsbankN-W. (Oversea^

Limited

ItesisdieLaxidesbaiik' .

— .Girozentrale —

■TheHongkong BankGroup
ftF. 'HUftlfin Tne.

Edder, Peabody International limited
Kleinvrort; Benson Limited
Kredietbank N.V.

' F. van Larfcchot Banlpers.^i-V: . -
. Lazard BraresctCie . -

McLeod Yoiihg War. International
limited

Merrill Lynch International Sc Co.

— -Mi ts u bishi Bank fEunapc^S^A. -
NpderiandseCredastoankny
Norddeutsche Landesbank
Girozentrale
Nordic Bank PLC
Sal Oppenheim jr. Sc Cfe
Orion Royal Pacific limited
Osterreichische Lander faank
Peter b roeck, Van Campenhout & Cic
S.C.S. • -

Ifcison, HeWring* Kenon N.y.
Scandinavian Bank Limited
J. Henry Sdiroder Wagg & Co.

Trrhited " ‘

Sfemdinavwba F.TisfaldaRanken
N.V. SJavcnbmg’sBaok .

Strauss, Toinbnll& Co.

Vereim- undWesdank
. Akaengesdlscbaft .
Wood&mdy Limited -

Yamaichi International (Europe)

I iroifrH

succeeds Mr Peter Dunkley who
is returning to the UK on com-
pletion of his tour of duty.
Prior to his new appointment Mr
Mike Venn was a manager in the
International banking division
syndications section, based in
ti^City of London.

-*V~-

• HAKN3SCHFEGER CORP,
Milwaukee, has elected Mr
William W. Goessel as president,
chief operating officer and a
director. He was an executive
vice-president of Beloit Corp>
and replaces Mr Henry Harnisch-
feger, who continues as chairman
and chief executive officer.

• Mr Leland A. Hedges of Fort
Worth was electe d to. t he board
of. REPUBLIC OF TEXAS CORP
(RPT). He is chairman Of the
board of State Reserve Life
Insurance Company of Fort
Worth and is the managing
partner of Leonard Properties.

• Mr Roger Powell has joined
the WIGHAM POLAND GROUP
and will be chief executive of its
Swiss subsidiaries from July 1.

• IMPERIAL OIL has appointed
Mr Arden Haynes, executive
vice president, president from
October 1, succeeding Mr James
Livingstone who is taking early
retirement

• NIPPON EUROPEAN SJL in
Brussels - has appointed Mr
Takeshi Watanabe as managing
director, succeeding Mr Ko
Tokuda, who is to assume a new
appointment at The Long Term
Credit Bank of Japan. Mr
Watanabe is toe chief repre-
sentative of The Long Term
Credit Bank of Japan, Paris
representative office. -

• Mr William Michael Karnes
has been elected vice president
and treasurer of PLAYBOY
ENTERPRISES, INC. Mr Karnes
has been treasurer of Playboy
since joining toe firm in Novem-
ber I9SQ.

• Mr Peter N. Larson, a senior
vice • president of KIMBERLY-
CLARK ' CORPORATION, has
also been named president of the
K-C Consumer and Service Com-
panies— U.S. Mr Larson had been
responsible for marketing in the
U.S. operations of the K-C Con-
sumer and Service Companies.

• Hr Kenneth W. T. Mann has
joined RFC -INTERMEDIARIES,
INC. as assistant vice, president
in the Los Angeles branch office
and - assumes responsibility for
toe development of casualty
facultative reinsurance. Mr Mem
was formerly reinsurance
manager for Cravens Dargan
and Ca and assistant vice presi-
dent for P and.B Inc., both in
Los Angeles.

• Mr Martin J. Kallen has been
elected a vice president of MON-
SANTO COMPANY and will
become managing director of
Monsanto’s Europe- Africa opera-
tions. on August L He will also
become chairman of Monsanto
Europe SJL Mr Kallen succeeds
Constantine E. Anagnostopoulps,
who has held this post since.

January 1981. Dr Anagnosto-
poulos is returning to the IIS.
as a vice president and vice
chairman of a newly-formed cor-
porate development and growth
committee. Also elected a vice
president is Mr Herma n J .
Fonteyne,.. who will become
managing director of Monsanto
Agricultural Products. Mr Fon-
teyn e. a Belgian, shares with
Mr Kallen the distinction of
becoming the first non-U.S.
nations to be elected vice presi-
dents of the parent company.

• Mr Jack D. Michaels ha s been
appointed president of INTE R-
NATIONAL " HARVESTER S
equipment -group, from July 15.
Mr Michaels is .senior vice presi-
dent of the company's equipment
group operations in Europe,
Africa and Middle East, baaed In
Paris. He succeeds Mr Marvin
Pomeraotx, who has resigned as
executive head of the equplment
group which includes Iffs agri-
cultural and construction equip-
ment operations, to return to the
management of a diversified
real estate firm. Appointed to
succeed Mr Michaels is Mr Carl
Levy, who has been serving as
president and chief executive
officer of ENASA in Madrid.
Spain. Mr Levy was managing
director - of Ford operations In
Norway, .France and Spain.

FT INTERNATIONAL BOND SERVICE

UjS. DOLLAR Change on

STRAIGHTS Issued Bid Offer day week Yield

Aurtis Life 15 86/37 ... IflO 101H 101** -HP* +0V 14JS
Amax Fnt Fin. 16V 92 75 W* 98 +0V +0V 18.88

Amax O/S Rn.. 14V 88 76 94V 94V +0** + OV 15.50

ATT 14V 89 400 10ZV103 +0V +0V 13J6

Baksr lnt. Fin. 0.0 92 2Z5 28 28V +0V 0 14J0

BMP finance 14* 89 150 95V 95% -HP, -HP, 15.87

Bk. Amer. NT SA 12 87 200 90V 90* +0V +0* 14B2

Bk. Montreal 14V 87 _ MO 94 *t 85V ' 0 -1 18.02

Bqua. Indo Suar 15 88 100 - 95V 98 +0V +0*18.03

British Col. Hyd. 14* 89 200 9SV 97V TIP, +OV 1546 •

Bufrouflha lnt 15* 88 50 SS* 100* *0* +0* 15:68 .

Canada 14* 87 760 " 97* 97* -HP, -HP, 13.15

Canadair 15* 87 160 98* SB* +0* 0 15*4

Canadian Pac. 14* 92 76 94* 94* +0* -0* 15.78

Carolina Power 16* 89 80 TOO* 101* +0* +0* 16.13

aBC 18 87- : 100 99V 9B*-tf*-1 184)4

CWoorp 0/8 15 84/82 100 99* 100* +0* +0* 14 J9

Citicoip O/S 16* BS/S7 125 700 100* +0* +0* 75^6

CNA 15* 97 76 86 96* +0* +0* 16^2

Con. Illinois 15* 89 100 98* 99 -0* -O* ISM

Duke Pwr. O/S 15* 89 60 94* 95* +0* +0* 16.70

Dupont O/S Cap. 0.0 90 300 34* 35* +0* 0 14-89

ECSC 14* 87 (April) 60 98* 97V +0* +0* 15.83

ECSC 14* 87 (June) ... 30 96* 97 +0* +0* 15.71

SB 15* 89 ......; . 160 SBr ( 99* +0* O 15^8

Ekaportfinans 14* 89 ... 50 95* 96* +0* +0* 15.42

Gan. Bac. Credit UQ 92 400 27* 28* '+0* 0 14-22

Gen. Elec. Credit 0.0 93 400 24 24V +0* ' 0 1429

Geuy Oil lnt. 14 ® ... 126 97* 97* +0* +0*14^0

GMAC O/S Fin. 16 88 190 100* 101 * +0* + 1 * 15.64

GMAC O/S 15* 35/97 100 88* 99* -HP, +0* 16.56

GMAC O/S Fin. 15 89 1Z5 96* 98* +0* +0* 16.81

GMACT O/S Rn. 15 87 100' 98* 99* -HJ* +0* 16JZ7
GulF Canada Ltd 14* 92 .100 84*. -36V +0* -0*15.72

Gulf Oil 14* 94 175 .. 97* 97* +0* -0* 14.67

Gulf Oil Fin. 0.0 92 ... 300 '27 ' 27* '-HJ* —17V 14.43

Gulf States O/S 16 90 BO *194* 95* -0* -1* 17.18
lnt- Ain. Ov. Bk. 15* 87 55 96* 37* +0* +0* 15.87

Japan Dav. Bk. 16* 87 60 102 102* +0* +0* 14.71

New Brunswick 16* 89 75 100* 101* +0* -0* 16.98

Ontario Hydro 14* 88... 160 87* 97* +0* +0* 15.38

Pec. Gaa & 0. 15* 89 46 .100* 100* +0*H-O* 16L32
Phillips Petrol 14 89 ... 200 . 94* 95* +0* +0* 15.18

R J. Rynlda. O/S 0.0 92 400 26* 27* +0* 0 14.64

Saskatchewan IB 89 ... 125 101* 101* +0* +0* 15^9 .

Shell Canada 14* 92 ... 125 35 85* +0* -0* 15.31 '

Spain 16* 87 100 99 99* 4-0* ' 8 15.92-

Suparior O/S Rn. 14 89 12B 33* 84* 4-0* o 16.45

Swed. Exp. Cr. 15* 89 100 98 88* +0* +0* 15.63

Swad. Exp. Cr. 14* 90 100 •- 93* 94* 4-0* 4-0*16.12-

Sued. Exp. Cr. 0-0 94 20fr 20 20* +0* +0*14.37

Texas Eastern 16* 89... 60 101 101* +0* -0* .15.42

Union Carbide 14* 88 ISO 97* 97* +0* +0* 16.33

Wells Fargo I. F. IS 87 76 97* 98* +0* -0* 16.56

World Bank 14* 97 ... 500 86* 96* 4-0* +n* 16 j44 -

Worid Bank 15* 88 ... 2SD 98* 99 +0* +0* 7533.

Average price chmgM... On day +0* on wash +0*
DEUTSCHE MARK . . -- Change on

STRAIGHTS issued 6kf Offer day- weak .Yield

Asian Dbv. Bank 9* 92 150 98* 98* +0* 0 9^0

Australia S* 91 ... 200 102* 100* +0* — <7* 8J33

Austria 8* 32 100 96 96* +0* 0 9.12

Barclays O/S .In. 8* 94 100 95* :85V -O- — 0* .9.00 -

Bowater lnt. Fiij. 8* 89 50 95* 98* +0* +0* 9J3

Canada 8* 89 200 101*102 +O*T+0* 8.14

Comp. Tel. Eap. 10* 92 100 100* KM .0 -0* 10JB

Cred. Fonder 8* 82 ... 100 96 96* -HP, ~0* 9M

Danmark 10* 82 100 102*103* 4-0* -0* 9.68

HJF 9* 32 100 MO* TOO* -4-0* 0 9.78

El B 8* 92 ..300 ...95 . 96* .4-0*.. * 9.12

lnt. -Am. Dav.- Bk. SI'S?- 160 - 97* 97V 4-0*— 0* 9^7
Nacnl. Ffasnclsrs 11 90 150 96* 9P, +0V +O* 11.56

Norsk Hydro 8* 92 100 98 98* 4-0* 4-0* 8.77

Philips Lamps 8* 82 100 . 98 98* 44)* 4-0* 8,77

Philip Morris 8* 90 ... 100 99*100*40* 0 8-24

Quebec 10V 92 ISO KH *105* +0* -(Pi 9.63

Rente 10 92 100 99* 100* 4-0* — 0* 987-

SNCF 8* 92 — 100 95* 96V+0* 0 883

Tauemautobahn. 9* 94 - EO -101*102* — 0* -fO* 9^7

Tannsco lnt. 8 92 100 97* 98* 40* 40* 982

World Bank 3* 89 -100 ; K»* Ww. 0 -0* 9J8 •

World Bank 8VS2 200 ■ 54* SS* D -O* BJ7

Average otic* changes... On day 40* on weak -0*
SWISS FRANC Change on

STRAIGHTS Issued Bid Offer day. waslc-YIald

Air Canada 6** -92 100 100* 100* O -0* 8.14

Aslan Caw. Rank 7 82... 108 -101*101* 0 40* 6X2

AuoHsa 7* 82- — „■ 80 97 87* +0*~40* B.T8 r

Auetnlia 6* 94 100 TOP. 104* 40* -4»* .6^7

BNP ffV 92 ..... 100 , 88* 87* 4-0* —1* : 7 JO

Cs®. Nat. I'Energla 7 92 100 100*180* -0* -0* &89

CFF-Maxlco 8* 92 SO 96* 87* +0* -4>t 8.71

Coop. Danmark 8*92' 26 >' IW4* fflB* -HJ*5*1* 7JS3
Crown Zenartoch 6* 92 100. . 99*100 0 -1* 8,78 '

Europe rat 7* 92 100 99*100*-0>i ^^J* 7JS '

!nd. Fund Finland 6* 92 30 98* 98* -0* 40* .&9B

Japan Dev. Bank 6 94... 100‘ 96* '99V -0* -0* . 8.12 -

Kobe City B* 92 . — 100 100* 100* 40* -0* 6.05

Kontmunlene 7* 92 ... 35 99* 99* — o* — i 73 a

Lonrho lnt fin. 7*. 92 80 94*- 95* 40* — 0* 8L25

Mitsui OSK 6* 92 ...... 100 98* 99* 40* -1 :gJ8 *

Nafinsa 8* 92 A..— to ' - '94* 96 - -*0* -0* 9fl6 .

New Zsalsnd 8 92 100 100* 100* -40* -O* S^3

Philip Morris 6* 92 ... 100 102* 103 - 4-0* —0* 6.22

Philip MOfri# 6* 94 ... 100 101* 101* 0 -0* 8.10

Rani* 7* 92 ......... 80 86* 97* 8 JO

Sekiaui Pro. 6* 92 WW 70 103* W3* -O*.“0*. 6J8

Soc. Lux. de Cnt 8* 92 to 105* 105* ~B* 0 7.18

Svenska Handels. 6* 92 mo 98* 98* '40* -0*‘ 7.00

Tinder WBasar ,§*-_92 — 100 ~ 3B*-96*~+Q*;-HJV 074
Vonribstq Kraft 6* 92 80' 'lbl*'lO»i -«* “1 8J44

Average price changes... On day; 0 on week — O*

■ . Chsngeon .

YEN STRAIGHTS . Issued Bid Offer day week YMd

E IB 8* 92 15 97* 97* 40*40* 8.63

lnt- Amer. Dav. 8* B1 15 101*102* 0 0 8L58

Japan Airiines 7* 87™ B 96* S6 7 ! 0 —0* 9J0B.

Now Zealand 8* 87 ... 15 98* 100* 0 40* 8AM

World Bank 8* 92 ... 20 98* 89* 40* -0* 8.64

Average pries channss... On day 0 on week O

Change an

Bid Offer day wssk YMd
|97 87* 40* 0 16.64-
W7* to . 40*40*1880
t»V to* 0 0 17.33

198* 97* 0 40*1787
t87* 97* 0 40*1BJ7.
199* 99* • 0 40* 16.69
198* w* -i* -i le.to
32* 99*’ 0 41*10to
to* 99* 40** 40* 70.12
97* 98* 40* 40* TO60
100 100* 40* +0VRM2
97* to 40* 0 11.07
100* TOO* 4-0* .40* 1003

96 98* 4-0* 40* 10.48
92* 93* -0* 40* 1604
92* 93* 0 40* 17.48
87* 88* 40* 40* 16.87
99* 100* 40* +0* 1408
84* 96*40*41 1404
96* 96* 40* 41*1406

97 97* 40* 40*14.66
93* 94*40* 41*1308
98* 99* 40* 40*14.64
«* 100* 40* 40* 14.63
96* 97* 40* 40*1507

102* TOO* 40* 40* 1407
104*106* 40* '40* 15.48
to* 98* 40* 40* 1400
TOO* 101* 40* 40* 1608
■ 97* 98*40* 40*1402
96* 96* 0 40*1106
32* 93* 40* 0 11.48

. OTHER STRAIGHTS Issued
.'Bell Canada 16 89 CS... TOO
Can. Pac. S. 16* 89 CS
Crd. -Fancier 17* 89 CS
Gu Metro. 17* 90 CS

OKB IB* to CS ...

Q. Hyd; 16* 89 f«4y) CS
Quebec. Prov.. 18* to CS
U- Bk. Nwy. S* 90 EUA
Amro Bank 10 87 R ...

Bk. Mees & H. 10 87 FI

EuroftmaL 10*99 FI

Ireland 10* 87 R

- Phil. Lamps 10* B7 Fl_.

World Bank 10 87 R ...

OKB 14 88 FFr

■ Scivay et C. 14* to FFr
Bensficiai 14* 90 £ <D)

60

30

20

83

BO

50

18

160

75

.50

75

TOO

160

400

200 .

20

BFCE 14* 87 £ 30

BNP 13* 91 £.'.

CBCA 13* to £

Rn. Ex. Cred. 13* 88 £
Gen. Bee. Co. 12* 89 £
Hiram Walker 14* 88 £
Norsk Hydro. 14* 87 £
Prtvatbanken 14*. 88 T

Quebec 15* 87 E v ..-

Read Qld) NV 18* 89 £
Royar Trustee 14 88 £...
SDR France 15* 92 £...
Swed. Ex. Cr. 13* to £
EuroOma 10* B7 LuxFr
E1B 9* to UncFr

16

20

18

50

26

'to

T2

35

25

12

30

20

600

800

F LOATI NG BATE

NOTES Spread

Allied Irish 5* 92 0*

Bk. of Tokyo 5V 91 CD) 0*

■ BkrJfeve Scotia 5* 93 .0* .

BFCE S* 88 0*

BFCE 5* 87 -. .- 0*

.BNP. 5* 89 WW 0*

Cbl&bb Nat. Tela. 5* 90 0*

CCQE S* 2002 0*

CEPME 5* 82 :. 0*

Chemlcel NY 5* 84 ._ 0*
Cent. IJHnota 5* 94 ... 0*
Credit Agriccle 5* 97... 0* '
Credit du Nord‘5* 92.;. O*
Oredb^ Lyonnais- 6* -97... 0*

Credit Nat. 5* 94.. W4

DefHtigrfc. Kngdm. of 92 . 0*u

Ireland 8* to/S4 '0*

KaiuftlKd Osaka 5* 92 0*
Uoyd* 6urofin>5*-33_. fiO*
Lono Term Cred. 5* 92' .0*
J. P. Moreen. 6* 87 ... SO*
Met. West. Fin. 5* 91- SO*
/New Zkeltnd 5* 87 -8*

Nippon Credit 5* 90... 0*
Offehne Mining .6* 8T 0*

PKbanken-6 91 0*

- Scot) end. Hit. 5* 92...... '-O*-

Sec. Pacific 5* 91 o*

. Sod bib.. Generate 6* 95 0*
Standard -diert. 5* 910*

Sweden 5* -to ;.... 0*

' Toronto .Dcipln'n 5* 92 . 0*

- * Avenge price change*...

-BM Offer C.dte C.cpn'C.ykf
98- 98* W/10 15JB9 18.87
«B 1. 99* B/12 16* 16-38

98* to 29/10 15*. 16^2
99* 99* 28/10 15 16.T7

.99* 99V27/7 15* -1533
198 98* 6/11 IE .19 15^6

99 99*21/10 16* -16,87

- 96* 98* 11/12 16* 15.81

98* 99*10/12 15.44 15J57
99* 99* 23/9 18.89 16.79
97*. 88*24/9 16* 16.89

.98* -.to* 24/9 15 l44 15.57
88* 98* 23/12 1691 1636
98* 99* 1/10 16 18.14

98* 88* -9/9. 14-89 14.9l
W. 99* Z5/8-- 15.44 16^9
t98* 98*25/11 14* 14.97

98*^98* 6/11. 15^1 15.4?
.86*.- to* 29/10 17* -1750

98 98* 29/11 1*\ 14J8
98* to* 12/8 ,14*. 14.79
!S* 93*15/7 15.19 1634
to*- to* 7/TO IS J6 15.68

99 89*10/8 16.06 18.19-

W » .2J 12-TO.TO 14J7
98T, 99*17/12 15^1-15-^6
98* 99 23/9 15* 15^7
SB* 98* 24/11 15 15.16

«* 99* 179- 1551 15 AS
to* » 18/11 U* 18.08
89 99*26/8 T5J1 15.43

«* 99 11/8. 18*. 19J9-
On dto — O* on week - 0 *

CONVERTIBLE " Cnv. Cnv.

BONDS ' ' date price

Ajinomoto 6* to ......... 7/81 533

-Bow VeJfey 4nv.-8 96-... 4/8? 23.12
' Bridgestone Tira B* 86 3/82 470

Canon 6* B5 .— j 1/BI 829

Canon 7 97 lfZTmj

Chiigat . Phaim. 7* to... 7/82708.9
Fujitsu FvnuV.4* 96- ■—TO/81 S641 .
-fferukawe-BK. -6* 86... 7/81 300

Hitachi Cabis 5* 96. 2/82 SlB

Wtachl Cked- Cpri. 5:96.7/81 18T2
Hsmfe Motor 5* 97...... 3/82 841-

K»««W.S* 98 J-.~-. 9/81 229

Marvr.6 96 . 7/81 846^4

Mfrpltt .Caitte'ro 6:96... TO/81 826^
Mirronw- 9* 97 ......... 6/82 8.16

Murats 5* 86 ............ 7/BI 2188

NKK, 6* 95-: -7/81 1 188

Nippon- ChltnUC. 5 91 ...10/81 919
Nippon BaoriC-5* 97... 2/82 . 848
Orient fine nee 5* 97 ... 3/82 1206
Sanyo '0Ktrie.6.9B._^.'UVS1 862
Sumitomo Sec, 5* 97,.. 3/82 577 J

Sumitomo 'Met, S* 96~.10/81-296.1
Swies Bk. Cpn. 6* 98... 9/80 191
Konlsblrofcu 8 90 DM 2/82 585
Mitsubishi H. 0 & DM 2/82 263

’ ' ’ Chg.

BW Offer day Prom
■82 -B3V+1* .8 «.
as* an, ~o* 71. 7r
“V m + 1 * -o.Di

._©* 85* +1* 27,79
90* 92 +2 7.45'

' 88* 97V+0* sa
. '.80 .81* +0* 12.M-

n 79* g -8*

80 81* +0* 5.15

75 +0* 14.04
«1* .» +2*. 1039
6V« 63* +1 23.44

927, 84* +0* 1JI8
W* . 81 . — 0* 4QJ38 :
175* . 77* +0* ' 3&4S-
84* 66*4-0* 26^1

to* 70* +1* -afc»r

« 82 0 2347

84*' 85* +2* 1149
XP, 86* +0* 547
81* 63 +0V 1121
79* 81 :+6* .11J8
82- 83* +1 «2J»

. 71 73 . . 31.02

. 99 100 -1* 1048
89* SOV'+T* 4440

r O TJ* Flnairefat Tlmaariol; 7982.- Heproducrimi in whefe
or.Jij jiart in any Tonii not permitiad wHhoiil written
oman* DatA supplied by, bATASTREAM-lniamatirti^ -

EUROBOND TURNOVER

(nominal value In 5m)

Euro-
Cedel dear

U.S. 5 bonds

Last weds

Previous week

-Other bonds

Last week

Previous week

1,103.1

726.4

5,576.7 9^06.0
5,083.9 7,896.6

697.3

65L7

• No information available—
previous day's price.

t Only one market maker
. supplied a price.

STRAIGHT BONDS: The yield
is the yield to redemption of
the- mid-price; the amount issued
is in millions of currency units
except for Yen bonds where
it is in billions. Change on
wee k= Change over price a weds
earlier.

FLOATING RATE NOTES:
Denominated In dollars unless
otherwise indicated. Coupon
shown is -minimum. C.dte=Date
next coupon becomes effective.
Spread = Margin above six-month
offered rate (t three - month:
8. above mean rate) for U.S.
dollars. . depn = The current
coupon. C.yltL=The current
yield-

- CONVERTIBLE BONDS'- De-
. nominated in dollars unless
otherwise indicated. Chg.day=
Change on day. Cnv. date = First
date for conversion into shares.
Cnv. price = Nominal amount of
bond per share expressed in
currency of share at conversion
rate fixed at issue. Prera= Per-
centage premium of the current
effective price of acquiring
shares via the bond over the
most recent price of the shares,

. The list shows the 200 latest
international bonds for which
an adequate secondary Twai-ifot
exists. The prices over the past
week were supplied by: Krediet*
bank NVj Credit Commercial de
France; Credit Lyonnais; Com’
merzbank AG; Deutsche Bank
AG; -Westdeutsehe Landesbank
-.Girozentrale;. Basque Generate
du Luxembourg SA; Banque
Internationale Luxembourg;
Kredietbank Luxembourg;
Algemene Bank-Jfrdcrland NY;
"PteraoEu HeliSring and Pierson;
Credit Sutsse/Swiss Credit Bank;
Union ‘ Bank, of Switzerland;
Akroyd and , Smith ers; Bank
of TcAyo International; Bankers
Trust .iDternational; Chase Man -
hatian; Citicorp International
' Bank;: Credit Coumnercial do
France " (Securities) Loudon;
^Dahra Europe' NV; Deltec
Senmtiea (UK): EBC; First
Chicago; GoJdman Sacha Inter-

- national Corporation; Ham faros
Bank;- IBJ International: KiddBr
Pealmdy ^International; Merrill
Lynch; Morgan; Stanley Inter

. national; Nlkko Securities Com-
pany (Europe); Orion Royal
Bank; Samuel Montagu Co.;
Scandinavian Bank: S Delete
= Gene rale . Strau s 5 Turnbull;
Sumitomo Finance International:
S. G. Warburg and Co.; yfpoA
vGuady,

Plpsing price# &aJnlX S

Financial Times Monday July 12 1982

appointments

:!; 4 tj

subsidiary posts

This week’s business
in Parliament

T 5Sf^ At BREWING and
INSURE, part of tie Imperial
Group, has made the following
appointments: Mr Brian F.
Jaldock, marketing director, Mr
Michael N. F. Cottrell, Twwnag in g
director. Courage; and Hr John
S. Smale, personnel director.
Mr Hark Cornwall-Jones, a non-
executive director, intends to re-
tire from the board on October
31. On August 31 Hr James N.
Shaw will be joining imperial
Brewing and Leisure as director
of property development from
the John Lewis . Partnership.

*■

Mr JFhuStO Caret!, maimy in g
director, of Aeritalia of. Italy has
been appointed chairman of the
Panavia board of * directors. The
chairmanship of Panavia rotates
between the three parent com-
panies — British Aerospace,
Messcfschmltt-Bolknw-Blnhm and
Aeritalia. The pre v ious chairman
was Professor Gero Xtnriahmg ,
managing director of Messer-

s dim i tt-Boikow-B 1 ohm.

Panavia Aircraft is a tri-
national. European industrial
company formed to design, de-
velop and produce the all-
weather, swing-wing . Tornado
combat aircraft ordered for the
air fores of Britain, Germany,
Italy, and. the German Navy.

★-

Dr John Howard, a former
director of development of In-
dustrial and Forensic Science,
Northern -Ireland, h as jo ined the
board of CREMER AND
WARNER, consulting engineers
and scientists.

SEIKO TIME (UK) has
appointed Hr Nigel Southon
general manager, responsible for
sales marketing.

*

Mr Alan Protheroe, assistant
- director-general of the BBC, and
Mr Alan Hart, controller, BBC1, .
have been appointed to the
board off directors of VISNEWS,
the international television news
agency and cmmunications com-
pany. They succeed Hr Bichard
Francis, . formerly the BBC’s
director of news and current
affairs who is now managing

TODAY

COMPANY MEETINGS —

Calrd (AJ. Ana os Hottl. Martrat GbM.

Cakebiwi ^nSw. SI 8-326. SoutAbnrr
Road. EnMlL MWdx. 11.00 .

Francis Parker, AvMora Park Motet
W a! barton. Arundai. W. Sussex. 12.00
Citn (Frank GJ. Prince Regent Res-
taurant. Woodford Green. Essex. 12.00
Hinton (A*nos3. Master. Road. Tboroaby.

Lindind 2 JO '

Hunting Associated I mis.. 243. Knights-
bridge. S-W. 12-50

Proonty Hidgs. and In*. Tat*. Eorooa

■ Hotel. Gnmnor Square. W., 12.1S J _
Stewart Enterprise bir. 45, Charlotte

Souara. Edinburgh. 2.1 S
BOARD MEETINGS—

Finals]

Amenham intul.

Beran CD. PJ. . —

Caledonian Assoc. Cfnemas

Carclo Enflttg.

Lennons
Monk (AJ

Pearlaaa _ _ .

Ratnera (Jiwi llaill

Wastarr^Boart MIOs
Interim: .

Kershaw (A. ) _

Ran* Organisation

DIVIDEND A INTEREST PAYMENTS— I
Aeon Ruober
Bonutbond Hidgs Ud
C alrd (AJ 100

EerfJs ofW1IW^S»f 2-IOC 1

Guinness Mahon Ln 5 k

Hapoalim i unit Gtd Fltg Rate Notes. 1083 I

■ 5755.17 ‘ - ■ •• -

London and Northern 2.35a •

London Atlantic In* Tit U5n '

Minster AMD 2. #0 _ .

Modern Engineers of Bristol Id 1

Mews Bros. 1.30 . ,

Smart U.' (Contr atc o rs l 1.1 p . *

Tama side V*r. Rate IBM EA2031S- „ .

Ur.ktvd Oceana Ord and A Ord 17cts- Do. 1

e rPtaPt 1.533 d . .

Zentraiiparkassa Und KommenUlbsnk. «
Vienna Fits Rate Sub Notea 1081 ■

Erector, radio, and Mr Noble
Wilson, controller, international

relations. Another new appoint-
ment to the VSscews board is
that of Mr Peter Smith, who is
Reuters* internati on al - com-
munications manager, Europe.

- Hie third BBC member of title
Visnews board. Hr Michael
CbecHand, director of resources
. —television, . has been elected-
deputy, .ebainnan of Visnews in
succession to Mr Richard
Frauds. Hie BBC and Reuters
are each one-third, owners of
Visnews, in which the other
shareholders .are CBC (Canada),
ABC (Australia) ana BCNZ
(New Zealand). .

★

DUNLOP las appointed Hr
Ch&rie* Anthony Borlace a
director of the Grimsby-based
ofl and marine division. Mr
Borlace became general works
manager of the car tyre division
at Fj it Dunlop in Birmingham
in 1970.

*

Mr Ian S. Darrell has been
appointed to the new post of
general manager of European
operations for the SOFTWARE
PRODUCTS GROUP (SPG) of
Informatics General Corporation.
Mr Darrell will be responsible
for the marketing and support
of software products sold in all
European markets plus the
Middle East and Africa.
Currently headquartered in
Geneva, he will be moving to
London over the next she months.
Recently Mr Darrell was based
in the U.S. as director of market
planning and support for both
American and European markets.
*

Hr David Flelden has been
appo inted to the board of THE
HERITABLE AND GENERAL
TRUST, with overall respon-
sibility for the treasury and
administration functions.

*

Mr Prys Edwards and Mr
Alfred Gooding have been
appointed part-time non-
executive members of WALES
AND THE MARCHES POSTAL
BOARD.

BY ERIC SHORT
TODAY.

Commons Finance B3B, remain-
ing stages. Motion, on the Coal
Industry ( fTimfr on Grants)
Order.

Lords: Employment Bill, Com-
mittee. Excise Duties (Deferred
Payment) Regulations 1982,
approval motion.

Select Committee: Home
Affairs— Subjects: Racial Dis-
advantage. Witnesses: Rt Hon
Sir KeHh Joseph MP, Secretary
.of State for Education. . and
Science; Sr George Youngs Par-
liamentary Under-Secretary ; of
State, Department of the En-
vinmment (Room 15, 10.30 am).

Treasury and Civil Service—
Subject: International Monetary
Arrangements. Witnesses: HU
Treasury, officials and Confed-
eration of British Industry
(Room 15, 4.30 pm).

TOMORROW .

Commons: Finance Bill, remain- .
ing stages.

Lords: Employment Bin, Com-
mittee. Town and Country Plan-
ning (Minerals) Reguktions
1982, approval motion.
WEDNESDAY

Commons: Debate on an Oppo-
sition motion on the failure of
the Government’s regional and
industrial policies, motion' on
Industrial Development (Nor-
thern Ireland) Order.

Lords: Transport Bill, Commit-
tee. Clergy Pensions (Amend-
ment). Measure and Pastoral'
(Amendment) Measure.

Select Committees: Education.
Science and Arts-^-Subject: The
future of the British Theatre
Museum. Witnesses: F. G.
Barrett; Viscount Norwich, past
chairman, Theatre Museum; A.
Schotmloff, keeper; Sir Roy
Strong; director Victoria and
Albert Museum (Room 6, 10
am).

. Home Affairs — Subject: Home
Office procedures for the Inves-
tigation of possible miscarriages
of justice. Witness: Criminal
Bar Association (Room 8, 11
am).

Employment — Subject: Em-
ployment Creation. Witness:

WEEK’S FINANCIAL DIARY

The foH owing is a record • of the principal business and
financial engagements during the week. The board -meetings are
mainly for the purpose of considering dividends and official
indications are not always available whether dividends concerned
are interims or finals: The sub-divisions shown below are based
mainly on last year’s timetable.

Citicorp Oversea* Finance Corea. N.V.

Gtd. FI to. Rim Notes 1932 5391 .61
Gates IT rank G.l 2.5B
Hay (Norman) 1.83 d
P rdwrtv Hldgi and In* Tst 2.1 Sp

Agricultural Mortgage Corn.. BDCWersburv
Rouse. 3. Queen Victoria Street. E.C. -

Barget. Winchester Home. 77. London

Brownle^^tr s w Mil l*. Glasgow. 1Z-O0
Continuous St ati on ar y. Great Eastern
HotcL UawrpoolStreet. EX- 12.00
Deritcnd- Stamping. St. Richard's House. -
vktam square. Prottwtdi. . Wores^

Dual sect. 117, OM Broad Street E.C.
12-00 _ • .

Edinburgh General insce Sendee*. Great

Street. Manchester. 11 JO
Fleming Umvprsal In*. Tst_12Z, Leaden-
hoil Street. E.C. 3-00
imbros I nr. Tsu 41. Bishangate. E.C.

hall Street. E.C. 3-00
H imbros Inr. Tst- 41.

• 2.00

Harrisons and CrtwOeld. Oinen’s Room.
Baltic Exchange. 14-20. St- Mary Axe.
E.C 11- T5

Lodccr (Thomas). Church Street. Warring-
ton. TT.OO

London and Provincial Tst- 122. Laeden-
hall Street E.C- 2.15
Plvsu. Great Eastern Hotel. Liverpool
street E.C. 12.00
ROWlltisofl ■ Securities.

Eastern Hotel. Liverpool street. E.C.

Etectra In* Tit. Electra House. Temple
Place. Victoria Embankment. 2-13
Foster 8ro*-, St. John* Hotel. 651.

Warwick Road. SoJIhnU. W. Midlands.

• 12*00

Foster (John). Black Dyke Mills. Queen-
bury- Bradford. 1 2-30

Rowllnson . Securities. London -House.
London Road South. Psvnton. Stockport
12-00

Uniroyal. Heethhall • Works- Heethhall.
Dumfries. 10.30

United Ena ng- inds.. Connaught Rooms.
Great Queen Street W.C. 12.00
BOARD MEETINGS—

tender Oeat BOARD MEETINGS —
Street E.C. nnair.

„ __ • , Christle-Tyier

louse. Temple Distill*™

rt. 2-13 Dawtv

Hotel, 651. t|rti» igji.)

W. Midlands.. -Haslenwe Estates

..... .. howden Grp-

Mills. Queen- London and Midland Inds.
. MarOng Inds.

London and . Oyeratas Freighters. Baltic Oil ana Assoc. In*, tst.

Vienna Fltg Rate Sub Notes 1891
S577J# TOMORROW
COMPANY MEETINGS —

Dawson lirinC North British Hotel. Ed*n
burgh. 11.43

Cast Midland Allied Press. Saxon inn
Motor Hotel, Thorpe Wood, Peter-
borough. 2.45 .

Grant (James) (East). 28. Earl Grey
Street. Edinburgh. 2.0fl
Mini. NR Hanrietea Hone. 9.

Henrietta Plaoe. W. 12.00
Shim in*. 70. rFknborr Paeesmer*. E.C.
12.00 , . -

Streeters. _o( Godalmlng. MUferd Hops*.

God aim Ing, Surrey. 12.00
TR PraBertylne.Tkt,

Mermaid Housa. 2.

ThRd^MIh^ln*^ Cena}° House. 38. Mark
Lana. E.C. 12-00

Time Product*. Connaught Rooms, Groat

Queen Street W.C. 12.00 , .. _

Wtgtail (HennO. Royal Victoria Hotel.

Sheffield. 12.00

. BOARD MEETINGS—

Fbialst

Allnatt London Properties
Barievs of Yorkshire
Cable and Wlrataa
H.A.T.

Harris (Phnipi
Magnet and Southerns
Mitchell Somers . . •

11 riled British Securities Tkb

Interims;

B1 unoell- Ptnaoglaxa

Cardiff Property,

Investors Capital T*t-

DIVIDEND A INTEREST PAYMENTS —
Agricultural Mortgage Corpn. .Var. Rate
Bd*. 7/1 »5 £8.3188

Victoria Hotal,

Exchange. St Mary Axe. E.C. IT . 00
M. A G. SeCDiHl Dual Tst_ Three Keys.

Tower H1H. E.C. 11.00
Mulatto Leisure. Aberrorn Rooms. Liver-
pool Street. E.C. 12.00
Property and Reversionary liws- St
Ermln'f Hotel- Caxton Street. S.W. 12.00
Rowton Hotels. London Park Hotel.
Elephant and Castle. 5-2 -. 12.00
BOARD MEETINGS—

Floats.'

Bulner (H-P.)

Howard and Wvndham
ICC Oil ServfCH
Mooreate Inv. Tst.

Interims:

General Consolidated Inv. Tst
M and G Dual Tst

DIVIDEND & INTEREST PAYMENTS—
Allied Irish Banka So
Bailey (B« 1 ) Construction (L25p *

Brown'shlpley 5tlg Bd Fund Ptg Pf 32p
CNA Inn 62-5cts

Cakehrcad Robey Old and A Ord 2.1p
Ew" h^dG” 5 Allied Praia Onl end A

UV Ord 2J3P
Funding stk 3*»pc

runamg hik a-spc 19BB-20O4 1APC CoMlt ui 5 pc

Homing Petroleum Services 5-25p Eagle Star Hldga Bp

Royal Bank of Scotland Fltg Rate Cap Edinburgh inv Tst D
Notes 1968-04 lSriuPC . . Funding Sijpc 19B2-

svmohds EngiQ.
r*jc Abrasives
Thorn EMI . .

TR Trustees Corn.

Unlgste

wneeleria Restaurants
Interims!

Associated Newspapers
Daily Malj and General TW. •

Roomer Tst.

Tribune Inv. Tst. ■

Veoman Inv. Tat.

. dYb* 6 *. 0 ft. INTEREST PAlMEIviS—
Aortal Itural Mortgage Corpp. SUocDb
1992-94 .3 toe. Do 3>:pcDb 1980-40
2 Npc. Do. iSfepcDb 1933-95 ' 2*, pc.
Anglo American Sccurlt « 4TjtncPf
1 JU75PC- Do. Ln 2 PC
Arbuthnoe Govt. Sees Tst CapPtsPf 2.75p
■ Do. InePtgPf 2.75p
Associated Electrics r Inds Db 3>ipc
Bank « New -South Wales izcts
Bell Canada 49cts

Bank Rate Cap Notes 1991

Broadstone Inv Tst SpcPf 1.75pc. Do.
SliPCPf 1 925PC

Brownlee So. Do. 5ocPr 1.75 pc
Camden 12ly>cRd 1995 BUpc
Churchburv Estates a.2ocPf 2.1 pc
C onm . London 6 *ipc 1980-82 SUPC
Cosalt Ln 5 pc

Depaitment of £axpfoym«jt
1 - (Room 8, 480 pm).

1 Committee an a Private Bill j
} — cnopposed BjlL Greater
London (General Powers) (No. 1
t« 2) RiK XRoom 9, 4 pm). i
i THURSDAY

!, Commons: Snpply debate on the
Common Fisheies Polity.
b Motions on the Army,. Air Force
v and Naval Dtstipline Acts (Con-
i tiiHM tion) Order.

7 Lords: Local Govmunent and
i Pknmng ■ (Scotland) * - tmti;

• Report; ■ Merdiant Shipping
f : (Liner Conferences) Bill, Com-
r mittee. .Stock Transfer
. Report. • •

- Select Committee: Agriculture
t - —Subject. Supply Estimates
C .1982-83 Class DX Witnesses: Sir

- Brian Bayes,' Permanent Secre-
r .taxy; Gordon WSson, Under-

SBcrefcary, Ministry of Agricul-
ture, Fisheries and Food (Room
. 16, 11 am).

FRIDAY

, Commons: Motions on Northern

■ Ireland Orders, Appropriation
i (No. 2) and agricultural devel-
opment

Lords:" Derelict Land Bill,'

. Second Reading. Lloyds Bill,

; Third Reading.

I . ; ' — 1 , . .

' Meals guide for
non-smokers

i- THE Association of Non-
smokers’ Rights and the
Scottish Health Education
; .Group has published the
; first guide in Britain to eating
places which offer accommoda-
tion for nonsmokers.

“The Good Air Guide to
Eating Places in Edinburgh
and Scotland ” includes reviews
of clean-air restaurants, cafe-
terias, tea rooms, coffee shops,
fast food establishments, refec-
tories and hotel dining rooms.
Nineteen forbid smoking; seven
provide a separate dining room
for non-smokers and 33 offer
separate sections or tables for
people who prefer smoke-free
air while eating .

M and G Group Bp
ME PC 2p

Milieus Leisure Shoos 4p

Morgan (J- PJ Inc 85ctS

■ Murng^Wasteni Inv Tat 4%tPCPf IJYBpe.

NattouJ ‘Westminster Fin BV GtrfFKg
Rato Cap Noras 1991 5381-80
North Surrey Water Obi 2 2H 2** Shoe
Northern Indl. Iinpraveinent Tat 2o
Northwest Intul. Flnanca NV Jt BV Bpc
C tnrSubDbs 15V7V9G 4I1PC. Da. IB’tBC
Sub Db 151,71,96 BUk .

Occ i dental Petrfm Cornu B23cts

Fbtcom BpcM 4 pc

Prop Reversionary luva 2-3p

Ouake- Oats 45cto

Owtatc Central Railway Cap 5 pc

JSP IB- 9 ? 5 ) Estate In* Tst 5cts
Srhlumberuar Z4cts
Sea Container! S2.10 Pf 52Jcts
Svenska Hsndrisbankan Fltg Rate Notes
due 1987 576^7

TR Industrial and General Tst Deb 2hpe
Treasury Ln DHpc 1999 43.PC
Treasury Stk 13 PC IBM G'UK. Da. 11>ax;

1985 51. pc .

United Engineering inds 2.75p
United Oceana Ptg Pf Beta
UnMM^gme* and General Tat Corpn 5 pc

w RAbons lOpcPf 5pe
Weeks Petroleum (Berm) Reg Sets. Do
(Aust RePl Sets
Wttan lav 3-*PcPf 1 JTpc

FRIDAY JULY 18
COMPANY MEETINCK— ’ .

Beales (John). Assoc, Boulevard Woria.

Radford Borimrd. Notrlngham, 1M0
Brown amf Jaekw. Crest restate!. Ring-
wav. Preston. '2-oq
C-rlt»I and Cour-tles Preoetty. St.
Andrew* Home. 40. B roadway. S-W-
1 2«OD

C-~e -hams. C*ve-nflrii Conference Certre.

D ■-*■»*» Mews. W_ IZ.00
L-nt-n HW-?~ 1 >2. MlWr Arm* Mews.

•<«Ko» Street. W. 12.09
5-'r-i (DlBrelon). Cat un i Home. 89-86.
.Daulodor Prod. Mnve. Sussex. 3 JO
BOARD MEETINGS —

PPmir

8rts*-r Evenlrg Post —

I -vestment Co- “ “■

■>ommervine (Wm)

Glasgow stockholders Tat.

DIVIDEND A INTEREST PAYMENTS—
Anglo American Coal Corpn 4BJ6503P
Bank of Irdapd Can 3Jp. Do Cap 1 0-5p
Barlow Rand 21ctS
Beak* (John) Assoc. Ip
Caparo tads OJp
Capper- Neill 2.1p

CzTT Oofjn) (DoncasttO 0.6p . !

Carr’s Milling Ins. 1.75p
O-andee and London Inv T» Up
General Stodcholdere Inv Ttt 1.75P
Lard Securities Inv Tst 5.65 b

Sedate Generale PRO Rate Notes 1 991
839 JO

TR Property Inv Tat IJSd
T reasury i2hoc 1993 6kpc
Treasury Stk Sue 1957 £1 .5453. Do 13 pc
2000 |i;pc

7HURSCAY JULY 15
COMPANY MEETINGS-—

AMrint Bros. I Hosiery). The Old Cottages
Lower Bond StreeL Hloridey, Lelcs.,
12.00

Birwn Shi Bley, Founders Court Loth bury.
EC. 12^10

Capper-NelR. . Midland Hotel.. Peter

Edinburgh Inv Tst Db* lit, ZkK
Funding SkK 1982-84 2Cpc . _

General Funds Inv rat SpcPf 1.75PC. Do.
Dbs 24* 3 pc

General Mining Union Corpn. Pf Bpc
G reece 3 pc NaUonel Ln 19Q7 *Assdj
Z'JBC. Do. SpcSUgFdgBaa 1955 2t-pc
Howard and Wyndham Ln 9 pc
Irwo. Ln 13 /pc

Jniiil- Thomson Orgn. I045l2cts
LeYs Foundries Eog’g GocPf 2.1 PC
London St Lawrence Inv Tit Db 21aPC
London Brick Ln 7pc
London County 5ijpc 1982-84 24*pe

t iifw i fyjs Ln gifpf

M and G .Dividend Fd Inc Uta 4.1 P

lard securities inv rat S.fiSp
Locker {Thomas) Ord and A Ord 0.92P
Marks and Spencer 2.85p
Minty Sp

M-rtjao Crucible 4p
ME*orera Inc 40cts
P'reu- i.ssp

Rarks Hr«.i McDavgall 1JS24p
R-vil-w Sffvritlea 0.42Sp
Shire* — y B-8p
-'nurfh uenerson) 3219*
fravar; En:-rori»-s inv 0.2p
• n|rd Mile 4nv 0.B7SP

^^T.o'ytpr service 0 5p
UBM Ip

,’-H Crro-i Co* SA 1 Pre» 8 8cto
United Computer Technology OJip
SATURDAY JULY 17
_ DIVIDEND * INTEREST PAYMENTS —
Fleet Street Letter Up

SUNDAY JULY 13
DIVIDEND 6r INTEREST PAYMENTS—
Treasury Stock 9t*pc 19B3 44»pc

This sc/vBrtssnMnf complies with the requirements at the CouncB of Tha Stack Exchange.

BanKcrlreland.

(Established in ire/and by Charter in 1783, and having Unrated liability)

f Issue of U.S. $75,000,000

s

Floating Rate Capital Notes due 1992

The Issue Price of the Notes is 100 per cent, of their principal amount.

The fdffomng have agreed to subscribe or procure subscribers for the Notes:

Morgan Grenfell & Co. limited The investment Bank of Ireland Limited

Morgan Guaranty Ltd

Bank of Tokyo Internationa] Limited Citicorp International Group

Cr6drt Commercial de Ranee Credit Suisse First Boston Limited

'European Banking Company limited Goldman Sachs International Corp.
Manufacturers Hanover Limited Morgan Stanley International

Orion Royal Bank Limited

ik Limited Saudi International Bank

AWJANK AtrSAUDl AlsALAMI LIMITED

Sumitomo Finance International

The 7,500 Notes of $10,000 each const itu t ing the above issue have been admitted to the Official
List by the Council of The Stock Exchange, subject only to the issue of the Notes.

Interest on the Notes wll be payable semi-annually In arrears m each January and July
convnendng in January, 1383.

PartkaifarsoflheNotesaraavajfebte in the statistical services of Betel Statistical Service s Limi ted
and may be obtained during usual business hours up to and including 28th July. 1362 from the
Brokers to the issue;

Cazenove & Co. r

12Tokenhaiiw* Yard,

London, EC2R7AN.

REPUBLIC OF AUSTRIA

US$400,000,000
Medium Term Loan

LeadManagedby

Credrtanstalt-Bankverein

Girozerrtrale und Bankder - •
osterreichischen Sparkassen AG ‘

Algemene Bank Nederland N.V. .

TheBankofTokyo,LEd.

The Dai-lchi Kangyo Bank, Limited

1BJ international Limited

Morgan Guaranty Trust Company
of New York

Standard Chartered BankPLC

Managed by

Australia and New Zealand Banking Group
-Limited

- Banque Internationale a Luxembourg S A
The Fuji Bank Limited •

The Mitsui Bank, Limited
Osterreichische Postsparkasse .

TheTaiyo Kobe Bank Limited i

Co-Managed by

The Kypwa Bank Ltd.

The Sanwa Bank Limited ’

Providedby

Algemene Bank Nederland N.V. -

AlIgemeineSparkasse.Lfriz

Australia and NewZealand Banking Group Limited

Bankfiir Oberdsterreich und Salzburg

The Bank of Tokyo, Ltd.

Barique Internationale a Luxembourg SA
Citibank (Austria) AG.

Credit Agricole
Credit duNoidSA
Daiwa Europe N.V.

GenossenschaftficheZentnalbankAG,

Vienna

Gulf International Bank B.S.C.
lnferameriean Bank Corporation S A
■TheKyowaBankLtd.

The Long-Term Credit Bank of Japan, Limited
The Mitsui Bank Limited
Nederlandsche MiddenstandsbankNV.
Osterreichische Postsparkasse

Th'e'SanwaBank LifiiilSdn ” "~~7
Sumitomo Finance Overseas S A
The Taiyo Kobe Bank Limited

Agent

Credrtanstalt-Bankverein

May, 1982

GenossenschaftlicheZerrtralbankAGi

Wenna \

Osterreichische Landerbank

Amsterdam-Rotterdam BankNV. .

Citicoip International Group
Gulf international Bank B.S.C.
Manufacturers Hanover Limited
National Westminster Bank Group

Sumitomo Bank Merchant Banking
Group

Bankfur Arbeit und Wirtschaft,

' Aktiengeseilschaft
Credit Agricole .

The Long-Term Credit Bank of Japan, Limited
Nederlandsche MiddenstandsbankNV.

Osterreichische Volksbanken-
Aktiengesellschaft

Zentralsparkasse und Kommera’albank, Wien

Osterreichisches Credit- Institut, AG
The SumitomoTmstand Banking Co., Ltd -

: AlgemeineHsassische BankAG (Sogenai)
Amstefdamflotterdam Bank N .V.

! Bapkfflr Arbeit und Wirtschaft,Aktiengesel!schaft
Bankfiif Tirol und Vorariberg Aktiengeseilschaft
Banque Franco Ailerhande SA
Central Wechsei- und Creditbank AG
County Bank Limited-
Creditaristalt-Bankverein
The Dai-lchi Kangyo Bank, Limited
The Fuji Bank Limited ‘

Girozentrale und Bankderosterreichischen
SparkassenAG

The Industrial Bank of Japan, Limited
International Westminster Bank PLC
E van Lanschot (Jersey) Umited -
Manufacturers Hanover Trust Company
Morgan Guaranty Trust Company of New^ York
Osterreichische Landerbank
Osterreichische Volksbanken- Aktiengeseilschaft
-5atourgerSparkasse
“ Sferidard Chartered Bank PLC "

The Sumitomo Trust and Banking Co, Ltd.
Zentralsparkasse und Kommerzialbank wren

M Powell Duffryn

* Trading profit of £19m maintained at last
year’s leveL ■

sk Dividend 'unchanged. ...

* Profit before taxation <£12. 5m, down 11%,
reflectmgjbdgher interest charges on increased
capital employed. -

High level of capital expenditure continuing
with, emphasis on overseas expansion.

mi

5f: Ourcorporate objectives and strategy remain
unchanged -to maintain a balanced diversity of
industrial activities, concentrating resources
and investment where skills and experience
lie, and to increase geographical spread while
■maintaining a strong UK trading base.

Knowing that the company is equipped
.to seize the opporinihitieswMchwiil .
undoubtedly arise we view the future
with some confidence.

Sandon, Chairman

ANALYSIS OF KEStillS'

Divisional

.'formrrer

Irafing profit .

Geographical

Trading profit '•

1982

1981

1982 1981

*

1982

1981

«£in

£m

i:000‘ £080

£000

£000

Eoginfiering

S2

79

3^36 4,639

UmtedKingdom .. ■ .

13,893

14j544

Shipping

113

105

3,718 3,451

Cont Europe

1,056

1,897

Bulkliq. Stor.

15

12"

4,320 2^87

• N. and S. America

2,003

2,092

FuelDistrib.

290

238

6324 6,832

Aust and Far East

13)

1,029

Const Sarvices

85

75

940 L944

Africa & Mid. East

656

291

jndudins share rf associates

iKfaEtrysectaiS-

16

. Financial ' Times Monday Jaly 12/1982

BUILDING AND CIVIL ENGINEERING

;THE BRITISH government Is
.investigating the possibility
of funding part or its road
■- 'programme through private
'^finance raised by contractors
-Trom city institutions. Mrs
.Thatcher is said to be very
•3«en on the idea. The key
‘question for the construction
“^Industry is whether any such
; Scheme would in fad generate
/extra funds for road building.

The problem facing the
^Transport Department is to
■convince the Treasury pay-
/masters that any money raised
.-.should he regarded as addi-
. -tional to the Department's
annual expenditure budget-—
in 13S2/K3— for motor*
ways and trunk roads.

Mr David Howell, Trans-
— port '■‘Minister, has already

-said that scheme will not he
. : worth pursuing if it will not

- : produce extra money and is
■simply to be regarded as an
: alternative to direct public

• r investment by the gnvern-
iment There is clearly a gap

- • -.-between the thinking of the

j Transport Department., and

• rthat of a Treasury 1 determined
"" to control public expenditure.

The Transport Depart-
'• ment'r. proposals, set out in a
consultative paper last month,
■: would allow the Govern merit
= to buy roads on hire purchase.
-‘Contractors would be paid:
“ “ by some form of royalty
" related to the amount of traffic
/■using the road.”
i Payments would be staged
-.over a number of years. The
. Department has suggested IS
years as a reasonable period.
: Contractors backed by prlv-
. --ately arranged finance, a con*
" sortium being one option.
=- -would be responsible for con-
r’stmcting and maintaining the
'-.-road. The contractor’s return
/.would come from royalties
- spread over the life of the
"arrangement and met out of
'/.the public purse.

Motorway lolls have been
'. ruled out in this country
. because of the problem of col-
lection — there would he so
V.many alternative “toll free”

{ ro3ds for motorists to choose
j from. The large number of

• Intersections on British molor-
f ways would also create

: - problems.

Contractors building mads
with privately raised finance,
‘^however, are likely to want
:: guarantees from the British
:. Government These would
r provide for a minimum rate
j.oE return should traffic flows
' - no I reach projected levels.

Similar systems operate in
: France and Spain when* some
development consortiums on
:. newer roads have been hit by
rising interest costs and by

Private cash
for roads :
Can it work?

BY ANDREW TAYLOR

r v *? •s-.vjg*, ■ .

A *■' .4

-v

■1*.. aj *

as?.?

Construction work on the 1H20 — will projects like this ever
be financed by private capital?

the impact of successive fuel
prices Increases, which have
meant less motorists than
expected.

This question of guarantees
could provide the main
stumbling block to arriving at
an amicable agreement
between (lie Transport
Depart menl, the Treasury and
the contractors over tbe defini-
tion of what should class as
public expenditure, and what
mhlgh be allowed as extra
expenditure outside the
annual road budget.

The Treasury*, so far. Insists
that contractors must accept
an element of risk in private
financing arrangements if this
is to be classed as allowable
expenditure outside of estab-
lished public spending cash
limits.

The Treasury's hand can he
seen in several key sections
of the Transport Department’s
consultative paper, sent to the
Federation of Civil Engineer-
ing Contractors and seven of
the country’s larger road
building companies.

Tbe paper states: “The
Department envisages a flat
rate of payment per vehicle
throughout the contract
period with no indexation to

take account of price changes
after construction . . . The
Government would not envis-
age giving any guarantees
about minimum levels of
revenue . . . Tbe Department
is inclined to take the view
that, once fixed. »he royalty
should not be varied to take
account of price rises daring
construction but furl her con-
sidercalion needs to be given
to how variations ordered by
the engineer and contractors'
claims should he dealt with.”

If these views hold, then
the cost of finance might be
expected to rise proportion-
ately to the risks being
undertaken, particularly as
the contractor will be financi-
ally responsible for repairs
and maintenance throughout
the royalty period.

“The contractor would be
assuming a liability to cany
out an unknown amount of
work, lb or IS years ahead,
at an unknown, but possibly
much higher, level of unit
costs in cash terras than
applies new, and his tender
would obviously reftec: this
uncertainty. This might well
make the royalty method of
finance considerably mere
expensive than the conven-

tional one,” says the Depart-
meat.

Tarmac, one of the seven
.contractors approached by the
department—the others are
Cementation, Costaln, R- M.
Douglas, John Laing, IWowlem
and Wlmpey — has been a
prime mover behind pro-
posals to allow* private sector
finance for road construction.

Hr Neville Soper, assistant
managing director of Tarmac
Construction, is dear about
the types of road schemes that
would be suitable for private
finance: ~ These would have
to be schemes on which
traffic flows are not dependent
on the completion of other
roads or adjoining sections.
There would have to be a
reasonable expectation of the
sort of traffic flow that would

justify investment.”

Road schemes which could
fit Tarmac’s definition of a
“ suitable road ” might
Include the planned £35 m sec-
tion of the M25 Unking
Swanley and Dartford. The
proposed £50m A1 (M) link
between Roestnck and Stan*
borough (currently subject to
an inspector's report) might
be another “ suitable road.”

Tarmac has also produced
some preliminary studies of
the royalties which con-
tractors might expect
Depending upon Individual
circumstances these could
work out at around 15p to 20p
per vehicle mile 15 years on a
traffic volume of around
25.000 to 30,000 vehicles a
day.

Contractors* support for
any scheme will largely be
based on the stance that this
should lead to Increased
annua] expenditure on roads
— an understandable view,
given the sharp drop in con-
struction workloads in the last
few years.

Contractors may also wel-
come the opportunity to
become more closely involved
with the design of roads
which they have to build.
Financial responsibility for
the maintenance and upkeep
or roads may lead to better
quality and more efficient
building.

For a government seeking
greater private sector involve-
ment in areas which have
been the preserve of the
public sector the proposals
arc politically very attractive.
It hopes that one or two test
schemes might be started
next year. However, it is diffi-
cult to see tbe proposals
having any material impact
on the road construction pro-
gramme other than, at best,
one or two well publicised
schemes-

SPAIN

A new look at funding problems

SPAIN'S TOLL motorways were
begun in tbe Franco era and
reflect the mis of private it irria-
tive backed by state aid
duracteristlc' of the Franco ist
economy.

This meant that motorways
were not built for socio-
economic reasons or within- the
contest of a coherent network
of road transport— rafter that
they were built in those areas
which private . entrepreneurs
believed to be the highest
density routes and. therefore*
capable of the 1 quickest return
on capital.

Thus there is only one short
stretch of toll motorway out of
the capital, Madrid, ■ north
towards Valladolid: and the
main motorway network is in
tbe Basque country, Aragon and
Catalonia.

The motorways are mn by
private concession companies.
The concessions, until now, have
been awarded on the basis of a
tender in which -the tendering
group offers its estimates of
cost of construction, ability to
repay and tbe rates to be

charged. This allows initiative to funds borrowed abroad, carried

the potential concessionaire to
even offer alternative routes.

Most have been awarded on a
25-year basis. With the exception
of Europistas, a 'consortium: in
which Laing UK b as » 28 per
ceot stake, for the Btfbao-San
Sebastian motorway, all conces-
sionaire groups have involved
Spanish commercial banks
winch in turn have been finked

a state guarantee and, more im-
portantly now with the decline,
of -the pasefca,- 4 commitment by
the -stage to cover foreign ex-
change risk flnctiwttons.

Toll payme nt s were geared to
cover maintenance, loan repay-
ments and. dividends, to the
shareholders- This form, of fin-
ancing was conceived essen-
tially before the 1973 oil price

CRENDON

Theversatile
buBding system

for Officer RKtorio*
. Warehouses

.CSENDCHCdVCOEmOCBOWnriiDIIZGO

haaaCmakm. AvMnir- tarts- HPUS8B

W.le W Cw I dDi»fllBM)aCH 81

Fori** >—dB« Bawl Haft B*nfc«we»

TiLGoakn«»«)l ■

to their own construction, com- rises, high interest rates, and
pairies. any moves to . liberalise the

The concesaonaire companies Spanish system,

have been formed with H miited, It encouraged some specula-
tor highly geared capital. This five toll motorways like SeriHe-
was because funding of motor- Heulva or SCville-Oadiz, which
ways was considered to be a have not generated traffic. But
priority by the Franco govern- now, with -a more liberal ftaan--
ment and soft ftinds were eas- dal system .and drastic change
ily available. in i nt er es t rates, the quantity

Soft funds came from the of soft finance has evaporated
system of “ privileged ^drerabs” and. consequently the building

system whereby the com-
mercial and savings banks were -
obliged to set aside a proportion
of deposits to be placed in state
directed investment at low in-
terest

Approximately 50 per cent of
the finance, in particular any

programme bas-merdy involved
completion of existing projects.

There is .also stone concern
that -there might be a. political
change of heart about a private
enterprise system in which -the
state bears the mam -risks.

ROBERT GRAHAM

BELGIUM

Motorway programme nears end

BELGIAN POSSESSES arguably
tbe best-developed and. most
effident motorway network in
Europe. Since work on it was
launched in earnest in 1955, the
system has cost some BFr 225bn
in central government spending
and a further BFr 120bn in
State - supported municipal
spending.

Successive Belgian govern-
ments have pondered a variety
of schemes for funding the
country's soaring highway costs
through tolls and special
“vignette” or licence disc
systems for motorway users.
And each, in turn, has rejected
such ideas on the grounds that
they would be difficult to police
and in any case would make
only a minimal contribution to
Belgium’s motorway costs.

The present government,
which is imposing tough

austerity cuts on public spend-
ing, reviewed tbe case tor tolls
not long ago. It found that
“ peage ” booths such as in
France and Italy would.be im-
practical on motorways which
in Belgium, have three to four
times as many access points as
is usual elsewhere, while the
use of “ vignette ” display tax
discs for motorway motorists
was not only politically un-
acceptable but also might
threaten the international
traffic through the “cross-roads
of Europe.”

The country’s road transporta-
tion budget has become a micro-
cosm of Belgium’s sickly state
finances — interest payments on
loans raised to fund construction
during the boom motorway
building years now costs more
than current spending. This year
tbe latter figure stands at

BFr 22.5bn while Interest
charges are BFr 32bu andL will
is 1983 rise to BFr 35bn.

The financing methods used
have been, in the words of
Belgian officials, . “ classic.”

Bonds are issued by the govern-
ment’s legally - autonomous
“Foods des. Routes” in the
domestic capital market, and
following last February’s
raising of BFrs 30bn a second
tranche to coyer 1982 costs will
be issued through the Ffesicce
Ministry during the autumn.

Road construction has had a
considerable impact on Bel-
gium's construction . industry,
however: contractors have been
warned to start running dawn
their road-building operations
ahead of the completion of fee
present motorway programme in
1989. . : '

GILES MERRITT

FRANCE

Three-pronged approach to finance

COMPANY NOTSCES

NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS
(EDRs) IN

SUMITOMO ELECTRIC INDUSTRIES LTD.

P,jr-*t-<»r in our nr?nc<; nl Marr.h 15. 198?. EDK holdf-. are inlormM

:h4l Sumimmo felecinc induiiries Lid. I»a» noid a dividend ia ncldert
rl record March HI. 1982 The caih dividend payable is /an 3 per
Common GlocL ol Yen 50 00 per .hare Pur'.uant to Claiise 8 of the
Deposit Agreement the Depn-,,iary has i-Onvcrtod the net amount, alter
deduction of Japanese withholding taws, into United Slates Dollars.

EDR holders may now present Coupon No. 2 for payment to the under-
mentioned agents

Payment of the dividend vmh e 15% withholding lax is subject to receipt
by the Depositary or the Agent of a valid affidavit of residence in a country
having 3 lax treaty or agreement with Japan giving the benefit or the
reduced iviihnolding rate. Countries currently having such arrangements are
as follows:

A. R. of Egypt

Australia

Selgium

Br»Ji1

Coridj

Cl* 1- - m-Jo

r.R. of Germany

Finland

France

Hungary
Ireland
fniy ■
rJI.Vty-.il

The Netherlands

New Zealand

Norway

Reo ol Korea

Romania

Singapore

Spain
Sweden
Switzerland
United Kingdom
U S of America
Zambia

Ftp,-.-, ii-tcid! of a valid lHidavu Jjpannie withholding in "*111 be dedur-red
,i-.- ,,-e. -« yv. nn the o dividend nv»*tv« the lull rate ->1 IQ’.',
w.tl ai-.n hr tpplird 10 any dividend, uneHimnd efr-r October 51. 19S2.

rc,pec. ol C'lrrc-n divocrd-.

Duidcnd pirab'c Dwidc-id r>a*ibi«

1 «; IV',

Japmcv?

•.v.Tfh-.-y.-ii; ■»,

:•? an

tpni

pivatJ'O

Cfir-r. rjo. 2
= 0?

oer.n~.iat.e-i

Grcrs

Dividend

\<y-0 Th ,rr*

’•nr-

J". 65

I? j* 20'-
J-ipanc-.e
WThn-l-J.ng hi

i2

n "Vice nf M.j rr - - 15. 1951 d?n-.crn.ig -he Free distirpij’idn
new tor rac 1C old. EDS nsiden are i-tarmci rmi the -c*

-’-.ere; i-r -,-j.v .citable tor delivery and r'rejid -.1 cl.-iimcd Sr presenmo

Colter ;;o • DccoJUJ.-y or the Agcn: EDRi -rnii »m •/ be ir-'.ucd

£,r i trnn^na'i.’r-. -J 1 000 -i-trei I'ertire a-i. =DR rrin-r

... , .- jrn -- cn.ipeni msHog-ur; ir ;.v \-cd 2:-.-'i r.]!,;..

rr -r..= 1 - 1 - no: orM-ecds it the -,al« of 'hfr CVimc-.: ir 'Jr.t-iJ Jratai
C;..i-s r-. -.iijr-. -3 CcntJi’iot 5 cl Tc-ms aid Cony-ieis.

Agent.

C'trr.' i-'Jic-nton":: 3^-.
tE Areo jc Mine Tncrese

Drjnsitary:

■; A

1- ** Lor.doi ‘/VC2R 1HS

Ji / t:. r-.r?

NOTICE TO HOLDERS OF EUROPEAN DEPOSITARY RECEIPTS
(E0Rsj IN

TSSBAKiwflTG PRECIvlOH PRODUCTS CO., LTD.

Furth-r to our oolicc ef Mare:, ^ !?S2. EDS hoiorrs ere informed that
7 subakimoto has paid 1 aividene to hold* rs ol record March 31. 1932
The cash dividend payable 1 ; Ven 3.75 pe- C.unmnn 3 wet of Yen 50 00 per
snare Pur.uan; id Clause 5 of me OeDSSi: Agreemer.i the Deposilery
hes converted ihe net amount, after deduction ai Japanese withholding
taxes, into United States Dollars.

cDR holders may now present Coupon No. 3 (or payment to the under-
mentioned agents.

Payment ol 01 c dividend with a 1 ST', vrt-.-.ciding tax is subject to receipt
by ihe Depositary or the Ag;r.: of 3 .a::i ad ia. r. of resioence in a country
havmg a :ax ireaty cr jgree.rw-.; w.M .esan ;:nig tha benefit of the
reduced muaholdmg rate. Countries cj.reity na,i-g such arrangements era
as follows:

A. R. ol Egypt F R. 01 Sermar./ 7-e "tit-j-.a-ds Spein

Australia Finland Ne.-. Z«z a.-.i Sweden

Belgium France '.:•«</ Switzerland

Brazil Hungary ft*p s Korea United Kingdom

Canada Ireland Ss.r;--a US ;l America

Crcchoslovnl.ia l*i»v S-iuccre Zambia

D'lntr.’ r/aii/:ia

F Tiling receipt "I a valid eP.iavi- JacarB-n vy,-: iglf.-.j ry. wil' ha d“duc»-d
ai 'iv ra'" nl E-G". or r-,? -tr--.-. 1 ...d »— 1 pa. lie 7*-* lull rare «l 20 '.

win v— h« arnird is an. 2 a'tr' Ofober 37. 1^2.

Areoimt-. pavab'e. in rcscscr V cu-rt't err'-v:

D’i ca.it'e Dividend ravabie

Coupnn m ln 3 ?1} -y. 1 .-, .

EDS Ore,- Jaoancr-o

rfarnci.n.ihre p, . - •• - - • -i - - 1 "i. “-^1 hC.rt.--i -gy

to.cj; ’.-it-. 3215:* ;-5- «r 513021

Drposil 3r/: Agent'

Cinr.ii,.. fi c * - 71 ’. :L»iitc't»-» , j i si S A

~:V> St'an- 1 Lsnjsi .'<72- T -<5 ■= a-.ci-jo Ma-re Therese

j.n 12. :X2

FRANCE has adopted a basic
three pronged approach, com-
bining a mixture of private and
public sector finance, to fund its
road network which extended to
more than 380,000 kms of
national and departmental roads
at the beginning of 1981.

The French Government
started to develop its motorway
network in the early 1950s. To
complement its own efforts, it
devised a system of offering con-
cession to autoroute companies
in construct and operate sec-
tions of motorways, the conces-
sions traditionally run for 30
years.

- The five autoroute companies,
established between 1956 and
1963 and whose shareholders

are mainly public entities such
as departments and municipali-
ties. have the right to raise
revenue by charging toils. The
autoroute companies also re-
ceive financial support in the
form of substantial non-interest
bearing loans and government
guarantees providing for a
minimum rate of return.

Funds for the five autoroute
companies are provided by the
Caisse Nationale Des Autoroutes
(CNA). This in turn raises
finance from both domestic and
international sources.

In addition to the autoroute
companies, and its own efforts,
the government has also granted
concessions to four privately-
owned consortia to construct

certain sections of the toll
motorway system: These do not
receive loans from CNA or non-
interest bearing loans from the
Government— they do, however,
have state- guarantees tor some
of their private sector, borrow-
ings.'

At the beginning of 1981.
approximately 46 . per cent of
limited access -motorways in
service in France /were, toil
motorways of the autoroute
companies, 23 per cent were toll
motorways of the private com-
panies and the remaining 31 per
cent were direct state funded
toll-free roads. . Most of the
motorways in around major
urban centres are state roads.

A.T.

UK CONTRACTS
OVERSEAS

DOUGLAS GROUP associated
companies have collected £20m
worth in the Middle East

A major- scheme in Saudi
Arabia, tor the construction of a
residential . .and management
complex near Jeddah has been
awarded to Al-Esayl Saif Norman
Douglas by tbe Arabian Cleans-
ing Enterprises. This is valued
at. 86m Saudi riyals.

This company also has a 10m
ziyal contract from GRC (Saudi
Arabia) for a factory on the
Riyadh Industrial Estate.

In Oman, work has started at
Al Khohd where Douglas-OHl
LLC has, undertaken tbe con-
struction of 300 low cost homes
with a contract value- of 3.75m
Oxnard- rials for Oman Sbapoorji
LLG

- *

IN A joint venture with local
con tractor COU SA. GEORGE
WIMFEY INTERNATIONAL has
won £6. 4m from tbe Empresa
National De Puertios (National
Fort Authority) at MatarinL
Fern. -

Starting thfes month, with com-
pletion scheduled for July 1934,
tbe work comprises rite inrastn-
gaitioo and toe design and con-
rixuotson of a new berthing face
to the' existing 540 metre long
wharf.

*

FRENCH KTER Group an-
nounces the £6m award of three
fnrthe education-related pro-
jects in Malawi for subsidiary
company W; & C. French
(Malawi).

These are ' the Natural
Resources College at Likuni and
-shcools at Chiradzulu and
Euthitti; Work includes pro-
vision of classrooms, staff and
student accommodation, water
and sewage Installations and
roads.

PERSONAL

ART GALLERIES

KBMWIXOHU PWOTO IN005TP.V
CO. LTD.

,IO,r-, ti> EDK MO’-OES'-

imic; 1 - MfBEBf &IVEN

7"..- ij--*-,-.- Cii--rr.il M-rl "1 “ ,l1 ■'*

I-'- ti :i) . -. Tgi-a Tm- p" 1*.

«gf. ,i ,|,ll 'll,. r I'll I, Nirni-i-J

Si-g-r-s »-z. M-.ii.i' , -; r »i-'T.

Shiniu.’- Tof'D. Tl«-: Meeting " !l

- ^-1 .ore umri Iht

' I'af.-t' 1 -I IKr C-.-’DS-V » Builnra

- ’ Orrpl fil,n,r -hrcl- li

m—t —1 B-nro-rn JBWOfrt,'ioi' ii
,ir.,i<B fnr Wtr erriod April
zi. -o Arr-i rn ’osz
z Amcti'S'*--- re 1 * D* r t oT t 1 ^ A-li.‘«
.I It:-: — 3tpn. j

3 y;;iTc

■ A. r.Xt.in f-r- ""■V’T,'

r ,«, r , ci tv , rr-n r w '*«*' 1, “ r **

J /, to !hi* onnrvin* ry\ iwnilirN-

• tu.Vh-r r”"

-e- iiif; *3t »*•- tv-.-r-. rern, -nfl.n,

. s.-;

„.M k.'v.g i. 2j 1

r | ■■ Nn'iCF * hr 73“n |I,J [*

tew

SZ. pcu'nti-l
v-,i-n r«gh*g :hgu 1- -omp**

k. r-pu-v V> -trcc-it EDB» or * nv

: cc>j=on CAH .

THE CHASE MANHATTAN MM.

at D-potifarr-

J'li/. i ?sz.

LEGAL NOTICES

RANIA SUPER". TORES LIMITED

"07IC: l ' SiVE’l ;ureu in-

to -,oct -rn 2^3 <* i-c Ccmaif-iEi Acr

‘.jlZ -r)t | Gnnr.i I 3 * -r-

.Mtrr^d <-| -nr ajiTvc-rin'ot C “ mpii/

will ■-■'■J ;ic Or- 7 *!g «■(
a Ci. Cn.-tff-cd ACC 7 U i! 3 i‘s. -^3.

A:r> 5 --ir, ivr- i«. f. , ‘!il< , j: 1 >

HAS ?o£ ?r -.".vgn^-.dav S *' 1 bi't

,, If) ., re •« . *-r ,-l -i A-,- 7^1 * m

b/ . fj.rrr.l fc'rrpi- - | t re d i • ,

I— -T 7'.-r— t T'l -rrr. ii--, ,n ir-v t -;

cl reo L i .i-J.-r- ? af.tr ji-l d-'.i-’-vi
anri -if -re Cjn'ijST cl J-n .V nji'l-vr
t3 -ilts

C.-r.rj -,-5 1 *“" 1*. cl J.,-- 7EC
7 7-1'JGLA. ? C A..

L-g-j.-fi— r

BREATHTAKING

BARBICAN

Now complete
TOWER FLATS

tc rpnj. unF:;rn’;5«d

£4.3C0 to £2*.0C0 s a.

Ccntpan/ ipplicitions wcl«n?

Ring 01.628 «72 or 01-5B3 £110

CO'.NAOii’ ■- Ct !i"i S'-—- W1
i — >" ' -'.l. HiCCVERILS f POM IHE
C-.SV:CL*« f O 7 A.3-JSL Mjn.

■ ---: s-- is-i

WHiTtCKAm ART GALLERY. Cl. JTT
" ' _ A f:iiw E Td J-:'
•s ,- r - - 7 P x r r vn-rtN S'jn -Fr-
>r 7-.- -r-.- r so rr-n.j f» r

;i ijDpi fr*»
- r. Z.5.SO

CLUBS

~' 1 ’- -!l 3.r ■ 1 - re-. :nr Cf a

-j- r-j r- J - -la* ,r. i 9 1 .-. ,e- rnpnav.
~-r- ‘7-1 7 O p.-.ro tsp

— - hulr --; "I'l^n,

re-: -55. 5-;t-: 5! 0i-»3d CSST.

FINANCIAL TIMES

PUBLISHED IN LONDON & FRANKFURT

! Hod 9Hk». Tfca nww flaw* UndM. inslBrn Haota. 73 Cam** 3tr*tL Mn RW WT,
, THaa- 8154871. Tltoi: >Adv*rtbfag: S8SC33. Talapaa^- romrtiw. LaadwL Talapfcaaa: 01-2i8 HOAi
. Fnakfvrt OWtw: Tha FlniweM Ttmn 'tiny: LM, Sairtl»«a*r. 54. 04000 FmkM-nJM 1.
Wart Garmanj. Taka: 4161U. Tiltctan: 751SC. EdtortaL FrantawSH H-XL Tata 41US2.
Ithfkmi 7S9B Z57.

CtUBS

THE GASLIGHT
OF ST. JAMES'S

Lirng-n'g re-,»t i-vr.iimg

-nn r. nigh; e’-jh Nn m'-mhrrat'-iP

-s rid. 2 h’fs. do.-nn-. r l d.inn- 1 -Hr

Cr.mp^r.:--!-.. .r.!.-iCi|iiq C-’harnt
Af-i) Hasp/ -our S‘9 Dm H
res'J'";- vipMb :hrcr-cr»iirs»
-;,r.nc' 'ic'« I 1 ) 75. ril:% ir-«igi* And
5nt-!n;c ler £5 Trt i£i fi-lunrlgd
‘7 g.gn-% r.rWgr-n -1 l*r(n W 3 prej.
?p<i Mr” rn. S rm-2 54*

1 ore.i are

4 OuV-i il V«Mh W

Tol: m-«23 Tttl

IN 7 H= MATTS* 0 =

TH= .-.'T 7335

j WIGMDRE STREET TRADING LIMITED
1 rigTirs ig H=R=3V IJIVSN P'lTjjr^

; :-i Vr.- -7 7T. nl | nn 5i!n;jiii»-, A —

[ TW5 ji A MEETING cl fNa CREDITOR',
I ni .nrt iS-ur Ctir’nv i-i-’i h.

i ««•!£ »; ren> <nv, H«-\d M-tnl, Hjntw
j "i^4i f.'l C“ 14-ri J-t'v T1S.1 II V)
| a re I-, -i.« purs tv;; .a

j jcr.-i-.n-. and 2?i of ia i &ci.

| Cis-d -1- r?ti «i,« tI J-inh i m2.

Bv Ore|i»r -I t-r S?H.

V * r.RDVES.

Dirwgrsr

IN 742 MATT” nr
T 4 = COMP AN I S r . Ar" 1 H 3
AND III THE r/ar-rq qp

DE LUXE TRAVELS (LONDON) LIMITED

ami 75

KBit. M W WWa;

‘ NOTICE IS r„/s« 9rv ; , PT

I *g "cr; -.n 237 V ”-e Ccmn-’-hi trt.
i 'S62 “-i: a n 1 tnr C^tr^TOAj.

• Cl mn jhgur r,rer-i iTnref an/

| nrlH fnA ?i'-?vii/ u-.-c; B.-.i-s-j., i

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■ Datsc 23: u . -■ JM;.

I Hf G'-’f- -I r-5 5:t-a,

i G ?j. pat;;.

C re w.

INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES

fS5r52 : 12% * Tdu: ri. 32. MaiHd X Tail 441 4772,

145ZT. Til: 7%. M*eJi«ttr: CflttsW «W Mwwitbfm w ~li

■ bailnttaaiT EOtgrU »W AfrtrHoot Engt Hw. bnj %(_ M2 5MT. Tabs: 644013. Tib
«5 IPS. Tito 33845a. 7ab EblJQ* VXlT
a-wora. Wnfca CHr P**« tfatarefaf*tl2240,ll«Ae«

4 ST. 7*1: 535 13M.

Mom«t nOmmnk f 14, I wrtwrt L
Ta4ne <13300 FtMoaa. Tat: 243 1435.

Maw 7 art C4Mwi*f

Saetofrfter «**». M.T. 10C11.

t*3V. Trfc 12221 SC 4625. ..

338*51. Tit: rzUD «m 8300.

Mw 45: (Wn«M4Mw(UMeWR fUMii
Ur Lam. 1U Ks» 0* IM 750*4, Ml Ca4a
n. Ttin: as«i. Tit 717 2000.

**o Jawint; m It aa en *5, Sam 7611-3612.
Owtw SE? 2309C. Ka 8a Jawm RJ ML Td:
263 83*5. Illrt trt IMm.

*«-«; 78HWW Vh dab Mamd* 55. Tain:
k’.XS. Tti . 678 3314.

StwVtolair E «"« 5-fwh 0af6W*t,
Bmatn&ara saa 7 Tiha; 17603, Til: 50 60 85.
Takyv: EiHatbd Kb IW. nm KataL
5*Nh*»n W&6 fitmdri. SWfWa-ta,
T«: 2*5 <338. Tit 2C JTja flA.ittVii,
x*v**n tsOfu*. :*.» Uddfenb.
T*f*t 12TJH. Ttb 205 <050.
tiSttvi*} 97< HatiMl Mm
latMas. WaiMagtna 0.6. 200*5. Tain! 4403*0.
Td: !2S2. 347 8476.

12/104 Kmaln 2-10. Tdaz.-
0S6954Z. T«h 210039.

Bramte 39 *M Ban*. Tatac 23203. Fm; 512

1404. Trt 512 9C37.

bw Aim: CdMda Sflca Rn 7. X». N
W* eotrtanfa* *56. Codl^a 136*. 7ife
39*7694.

Mfi: M. fa 2040. Trt 7314*2.

BoMa: 25 MM RradaHdt SL, EMAa 2. Tatar
25414. Trt SU4a 603378.

[*>* Hi : CdK>rWaa«Adnr<tato*3TCaoT9t
Sfa U CM2 2HM. Take 72484. MWH Trt
031-226 4120. AHwrtk *m Trt Q3C-226 4159.
Frankfort WMd FrartaMb* 71*L Tain;
4163K. Trt 7S98 1ST. Adwrtfetaf WkM,
54. Tdaa; <16143. Trt: 759*45.

Ha«« bq: bn SSL Mm CtaM auatsa. 5
Boam bad CbM Tala*: 7S204 KX. Trt
5-Z55166.

Jakammbarg: P.0. Bar 2125. Trt r **37. Trt:

830.7549.

Laadi: MirffcW famMl Hsm*, Tin

Hmdraw. Trt 0532 45<%4.

Uthn: Pks da *Wrti S3- JO, Urtm 2. Trtr
32533. Trt 362 508.

For Share Imh* and Butuwis New* Sunmary, Telvphom 246 8026
(number, preceded by the appropriate area code valid for London,
Birmingham, Liverpool and Manehriter).

AB a*rrtJlng ii aAjcct tj -Jia nyir*- 1 ! rj-r irr: rr rt ** 4 # an vwlrta «*

rtTItr.

UNITED STATES

Where the motorist’s money goes

ALMOST 60 per cent of the
finance for road programmes in
the U.S. is estimated to come
directly from road users in the
form of gasoline taxes, motor
registration fees and taxes on
car components such as tyres.
According to the Washington
based Highway Users Federa-
tion most state authorities
charge taxes or ” user fees " on
each gallon of petrol sold.
Across the country this averages
out at around 10.2 cents a
gallon. Some states put thi$
money min a *’ dedicated fund ”
which cannot be used for any

purposes other than for road
programmes. Around 28 states
are thought to operate dedicated
funds for roads.

States can also raise finance
for local roads from property
taxes and from motor registra-
tion Fees.

At national level, roads are
financed mainly through the
Federal Highway Trust Fund
which, like state authorities,
also raises funds through gaso-
line taxes currently at 4 cents
a gallon.

The Highway Users Federa-
tion says that there has been

growing pressure on ft® Govern-
ment to raise the petrol tax.
Americans have reacted against
rising petrol prices by ratting
back on journeys or using more
fuel efficient cars. About 20
states last year increased petrol
taxes. •

Some states may also issue
bonds to fund individual roads.
Investors are repaid out of tolls
levied on vehicles using the
road. Parts ' of Interstate' 95
running through New Jersey,
Delaware and Maryland are. for
example, heavily used tool roads
financed by bonds.

A.T.

UK CONTRACTS

THE FIRST phase of developing
Derby City Hospital into a full
district general hospital is worth
£12m in contract value to HENRY
BOOT.

.Work will -consist of . a main
hospital building of 19.600 square
metres on a green field site with
provision for . . 102 beds for
gynaecology and female surgery,
140 maternity beds, 32 cots in a
special care baby unit, five
operating theatres, plus support-
ing out-pstients, x-ray rooms,
ante natal fJnifp and other
services.

*

UK WORK, for WiMPEY includes
a £5.1m award for a leisure
centre complete with pool and
2,000 sealer multi-purpose hall to
be built at Newport. Gwent for
Newport Borough CounclL

This will be undertaken on a
management fee basis and built
on piled foundations incorporat-
ing a steel frame. -
.

A MULTI-STOREY car park
■worth £L3m at Ilford, Essex, has
been awarded .to JOHN
MOWLEM whose work for the
Bo roug h’ of Redbridge involves
constructing a five-storey 10-
level park with a singlestorey
admin building.

' *

TURRIFF has a £lm award from
tbe Seven Trent Water
Authority for an extension to its
water treatment works at
Tewkesbury. .

- - ’ ■ *

SHEPHERD CONSTRUCTION
has started work on a £3 ■2m con-
tract from Yorkshire Regional
Health' Authority on an energy
centre at Staincliffe Hospital.
Dewsbury. --

■*

AWARDS W ORTH more than
£2.5m.for STREETERS include a
£lm-plus site development at
Morley Greaseworks for West
Yorkshire Metropolitan County
Council.

Jilin 1982

Commimaute urbaine de Quebec

(Province de Qju€bec, Canada)

Emprunt 16 3/4% 1982-1988
de 15.000.000 de $ Can.

Banque Nationale de Paris

Basque Bruxelles Lambert S.A.

Wood Gundy limited

Amro International limited

Braque Worms Baya^sdaLradesbankG rozentrale

Xredietbrak International Group MerrfflL^M rata ficm aI&Co>

Grenier, Bud A de Inc.

' ^

t '■>. .. n

u

• Riuuidal Tim^ Monday July 12 1982

Coaptjriei auf Martas

WORLD STOCK MARKETS

fcfrgl'

NEW YORK

Higlffiow Stock J fl lsr

Hf .BS

S IS ter:— B-

sis oi5 !** IT

PA,* ?5** *M)ot Labs 28%

Si ^ il. i*em* Glava— .„. 177g
Is?. JkI® Adobe Oil ft Om 16%

*2I a Jfj* Advanced Micro. 23%
3 5 l « Aetna Ufo * Oas 34
nf " Ahmnnwn (HJ.) 83 4

??*■ a £i* A| r Prod * Cham 51

IS * 8 Ataont 15%

?2 Albany as

R_ Aib*rto-Cuiv,. M1 .. is

IS ? 4 M54 Albertan 1 1 .- 32%

SI 1 * 15 Alcan Alumlniuml 18*4
f* ill 4 Aioo standard.,- ‘SO
30U 83*4 Alexander *AL. 26*4
55 * Alaghenytot...-. 21%

«lg 28 , A) Had Dorp„,_ 29%

SIS* Allied Stores ; 28%

12? 'S 1 * AlHoCluUmwf,,^ 124

18fi« .. Bfig Alpha Portd 12i*

3BTa 22 [Alcoa: .‘.__1 245,

51% 5?? 1 Amai. Sugar 1-481*

484 181* a max 20 1*

J2? 4 Swtohl Corn 185*

?*% 1 5 1 « Amerada Hee*..J' 185,

i?% 93* Am. Airlines. 38

55. 55* (Am. Brand* j 403,

IS 5 ® IS 1 * * km< Broadcast's 59%

35fii 257, Am Can _ 28%

881* 84S* Am. Cyanamid..:. 88

1®% 111* lAiil.tktot. Powr.r 16*|

50 365, Am.- Express 1 391*

433* 33 t* Am. San. Insnca.l 54%

161* 10»» lAm. Holst * Dk.J 121 *
33% (Am. Home Prod-1 37%
55?* 31% lAm. How. Slippy 43 T*

Sfil* 18 b*. lAm. Madloal Inti 21%

4 81* (Am. Motor*- '31*

f? 2S?» jAm. Nat. RascasJ 291*
55?* 435. . lAm. Potflna-— 3' 57

■131* 6i* JAm: Quasar Pat_| 63*

55% l 19** [Am. standards -all*

45 261* [Am. Store*. 44

60S* SO (AnuTal. 3c Tel-..- 61%

33J* 231* [Ametoklno. 253,

2834 18 LAmfeo 21 %

591* 483, [AMR 641,

267* 183, Amstar 84

347* 203*. .Arnstoad Jndi 825,

iBi* l3i* [Anchor Hoekg,- 14
621* 387* [AntieuMr-Bh — 62i*

187* 12i* (Archer Dan I el*.-' 135*

■271* 161* | Arm CO- 171,

1982

High \ Low

331* '2834 Columbia Oas 305*
23% ±77* Combined Inf— 18

36s* 23i* Oambustn.'Entr-. 241*

■221* 191* Dmwith. Edison. 218*

678* 495* jComm. Satellte- -53

1988

High I Low

7i* - St*. Gt. AH. Pac. Tea. 7%.

41* . it* Gt Basins Pct._. 2

371*- 60 GMtthn-.NftkooBZ S1U.
141* ‘bt* Gt West FlnanaL 12 a*

168, 123, Greyhound 15

30 . 21% drumming... .... 3D

17 M du f3e Weston:-'. 1 : IB

167* 131*

113* 53*

261* 17%

311* 207*

34 243,

461* 33%

27T* 22

21 14%

87% Bl>*

[Armstrong OK-...

AsameraOII

lAsaroo «...

[Ashland OH

Asad. O* floods-..
(Atlantic RJoh—
/Auto-Data Pro-..

I Xvqo..

lAverinytl — -

Ilk - [Comp, science—

27% cone Mills.

21% teonrac...—

17i, [Cons Edison —
29% bona. Foods.

32% [cons Freight

20% rcon.Nat.fiaa...—
36% bonmuer. Power
vs ' fcwi Air Lines-.

221* taontl. Corp.^-

25% Conti. Group——
1B1*, bontl. nilirola..— .
15 " bontLToleph...-
23 bontroi Data

52% 25% [Cooper Ihdrc.. —
13 - BT* [Coora.AdlqlPh— -

26% 13% lOopperweld— - ■—

887* 397, Coming Glass—.

28 19% ICorroon Black-.;

S %- 24 cox Bros* -east's .

i* 22% ■ Jrane
36 . -.24 Crocker NaL---l

30%. -923, .. Crown Cork

22% . 17%. CroWn Zell.—...
39% 2 BV Cummins Eng.-.
45% 35% CUrtiss-W right ._

8% 63, Damon

30% . 861* Dana

.637* 48% Dart ft Kraft .. I

-54% 23t* - Data Gen

37%. .883, Dayton-Hudson J

-86 . -24 - [Deere- i

38% 223, Delta Air

84% 221*' Denny's— -.1

24% 14

12 % 11 %
40% 35%

25% 17%

-. 101 , 8 -
88 % ' 66
13% - 10
24% .29%

-68% .47%
.15% 5%

46% I 36
387* 20%

26% 197*

485, ; 36
3B% 16

. 13% 11

237* 20%

71% 68t*

38 31%

19% 15:

26% [Gulf On-. — 86%

23% (Hall (FBJ-.w.—- 867 b

36 [Halliburton 26%

22% jHammermtll Ppr 82%

' 10% ' Kandleman 12*s

lei* Hanna. Mining.-- 19%
12% H&roourt Bnne- 13%.
23 Harris Banop — £5%.

20% Hard* Corp.i 84

157* Harwo..— - 15%

6- Henla Mining: — 8%.

■ 25 Heinz (HJ\. - 51%

16 Heller Intt.— . 16%

17%. Hercules 17T*

381, Hershey— 40%

- 30% Hecbleln 40%.

863, Hewlett J»kd - 43.%

22% Hlltnrr Hotels— ZJ 32%
,21% Hitachi .'.! 22 '

1962

High | Low

. 6%. 5%

2301* 168%
-21. - 147*.
57 49%

81% 857*.
24% -21
.11% 7% ,

fia%. .10 '

' 29% 145, '

697* 67%

-SB . 16
68% 47%
65 60%

16% U%
14% 9t*

31% 177*

35t* 29%.

25% -1B7*

MtSM. 6%

Metromedia...... 204

. Ifitton Bradey - 18%
Minnesota MM— 62%
. Missouri. Pac 665*

Mobil-..- 215,

.[Modern Merohg ID -
Mohasoo-. ' 115,

1982

High | Low

CANADA

SoAfumbergor.-.
scm —

Scott Paper.. —

1982.
High l Low

Morgan (JP) 47%

Motorola...- 61%

Munslngwear- - 15%
Murphy (OK..- - 14%

MurhyOll 197*

Nablsoo Brands- ■ 34%
NalcoChem- 207*

Nat can

Nat Detroit

Nat DisLChem.,
Nat Gypsum-.'..
Nat Mad I cal Err!
Hat Semlcduetr,
Nat Bervtce Ind.
Nat Standard..:,
Nat Steel—.—. ,

Notomas — .

NCNB —

[Dentsply Inti-..—
; Detroit Edison....
Diamond 1 htdA: —
[Diamond Shank-

iDlQIorglo-

[Digital Equip

' DilHng ham

; Dillon

Disney (Walt)

.Dome Mines:--..

(Don nelly (RRJ.

Dover Corp.

Dow Chemical ...

'Dow Jones

|Drossar -

’Dr. Pepper

[Duke Power.—..

■ Dun ft Brad

bu Pont

[eg ft P -

| Husky OH

■Hutton (EF) -

■1C Inds

llU Int

Ideal Basic Ind-

ideal Toy. 1

ICIADR—i.

■Imp Cbrp'Amar'.

UNCO.

[IngermolRand^
[inland Steel ......

[intet ...........

.Inter FI rat Corp.

jinterlakd

[Inter North—

Seagram. —

Sealed Power

Searle (GO)

Sears Roebuck-.
Security Pan......

Sadco

Shell on

Shall Trans — -
Shsrwin-Wm*—.

Signal

Wgnods— —

.10 .7% ISImpHolty Patt— 77*

15% 11% Unger 15

16- • Ilk Skyline r..—— 16%

43%: 217* Smith Inti- 22%

71% 67k Smith Kline Beck 62%

11 8% Sonestalntl- 10%

OT% '117* Sony. 12%

17% 13% Southeast Bankg 15%

53% 82% Ith. Cal. Edison . 30%

13% 11% Southern Cd 12%

50 21% Bthn. Nat Res— 211*

46 41k Sthn, NL Ena-TeL 417*

40% 29% Bthn. Padflc 30%

33k 85k Southlands — .— 33%

mat 22 . S.W. Bancsparesi 22
34 21% Sperry Corp- — 225,

28%- 80 spring Wills-. — 84%

88% 227* Square D : — 24%

36% - 29k- Squibb 36

257* 20k STD Brand* Paint 23%

Bid CHI CHfoma.1
Btd Oil Indiana...'
Btd Oil Ohio.-..-. 1
Stanley Wka. —I
Btn utter diem— 1
Sterling Drug-—!

Stevens (J.P.) ;

Etokely Van K.J
storage Tech

Bun Co.

Sundstrend — —I

Superior Oil. J

Buper Val Strs.—
Syntax. 1

raw

raft

AMCAIntl

Abltlbi

Agnico Eagle

Alban Alumln

Algoma Steel—
Asbestos—.-..,

Bfc Montrea l

Bk Nova Scotia-
Basic Resource)

28% [Can Packers.—.! 283,
1B% iCan Trusco—.i 18%
167* [Can Imp Bank— 167*

£6 (Cdn Pacific - 267*

13 CanP. Ent 13%

51% [Can Tire 1 33%

39% lAvnet

22 ULvon Prod

217* iBekar Ind

22% Balt Gas ft El

18% bah Cal-.-

13% . [Bangor Punta ...
1ST* [Sank America _.

36% bank of N.Y.

96% [Bankers Tit -N.Y.

13% [Barry Wright

37 tBauach A Lomb.
31% Baxt Tnw -Lab....

17 Beatrloe Foods-.

6 Baker Inds

18 Bell ft Howell -.

13.7* Bell Industries —
45 Bendtx —

I 14k Beneficial „ .

18% Beth Steel— 16

16% Big Thee . Inds— . 17k
12k Black ft Decker.. 13

26 Block HR 26

20% BueVelL.; 24%

18% Boeing. 16%

197* Boise Cascade— 22%

27 Borden— - 30%

28% Borg Warner .24%

227* iBriggs Stratn — 24%
61% iBristol-Myara-.-. 86%

ID BP..——- 18%

MT* Brockway Giase. -13k
28% Brown. Forman B 32%

26t* Brown Grp 397*

12 Brown 3r3harp— 14
287* Browng Ferris.... 257*
IS 1 Brunswick l--:-. 20%

25% 1B7*

165, .12%.
22k. .15%
29 ■ 22 .

237* 17%

377* 29%

£17* 12%

.245,^ 20%
£7%' 221*
28% 16»,

25% 1 137*

' 41* [■ 2%
39k 217*

20% 11- .
22 . 18%
67* 5

41 21%

5B% 27%

48% 30k

Palm Beach—
Pan. Am. Air— .
Pan. Hand Pipe—
Parker DriHIng —
Parker Herrin.—

Peabody Inti.

Penn Central

Penney (JO

Pannzoli.

11% iflucyrua-Edek— 13
18% Burlington Ind - 1?%
40% Burlington Nrthn 42%
16% Burndy 16%

30% Burroughs. 31k

30 bounds. — 84%

33% CBS - 38

837* bPC Inti— 36

387* CSX..:. 39%

7k . Campbell Red L. 10k
28% Campbell Soup— 56%
197* Campbell Tasa - 25%
24% Canal Randolph. 34%

19% Can. Padflc 20%

18 t*. Carlisle Corp — <1 20k

26% Carnation, -.j 31

30k [Carp Tech— ,—| .331*

r Hawley ...j 181*
lar ......... 35k

42%
29%
19%

15%

10 Central Soya—.. Wk
10k Certabi-teed ...... Ilk

15% beesna Aircraft. 15%

Ik ChampHomeBId 3

12 Champ bit. -I 12%

67* Champ Sp Piug-I 7k

6% Charter Oo— 8%

36 OhasaManhatt'n 36%

27k Chemical NY 28%

307* Chesels Pond...- 31%
12% Chicago Pneum- 12%
85, [Chrysler...,...,, — 7%

36 [Chubb' 36

mm

sp

17% jEnsereh— 17%

43% Esmark 43%

18% I Ethyl— 20k

7% [Ivans Prod— ...... 7%

18% Ex CellO 23%

26% Exxon l 267*

25% IFMC- 28k

125 4 [Fabers e. 17

31* iFedders— 3%

195, Federal Co. 235,

18% Federal-Mogul..- 20
7% lFad.Nat.Mort— 10%
18k [Fad. Pape rBrd— 183,
% [Fed. Resources- 07*
33% Fed. Cap. Stores 40%

20% Fleldcrest Ml 21

. 9i* Firestone .... 11%

26% 1st Bank System 2B%
7 1st Charter Fin- 10%

443, Itt Chicago—'-.. »k
18% 1st City Bank Tex 19%
82% 1st Interstate...... 24%

7k 1st Mississippi— Bt*

■ 21% 1st Not. Boston.- 82T*

8% 1st Penn,. . 3

2% iFIsons..— 6%

10k Heetwood Ent.. 18

13% ‘Flexl-van— 18k

28% [Florida Pwr ftt-. 32%
17% Ford Motor ; 23%

■ 29%' 1 Foremost Mok— £97*
10% (FosterWheder.- 10%
13% Freeport McM-.. 155,
16% jFniehauf-....-.... 18%

28% [GTE Corp 28

{Gannet

Gelco...

[Gen Am Invest
Gen Cinema -
Gen Dynamics
iGan Electric —
[Gen FOpds —
Gen instrum on

Gen Mills.-.

[Gen Motors ...
Gen Pub Utllttii
|Gan Signal —

Gen Tire :

L Oaneeco . — — .

"13% Kaneb Services.. 13%

6% Kaufman Brd 7

8 Key Oorp..— 8k

22 Kellogg- - 26

24% KennametaJ. 25%

23 Korr-McOae 29%

19% Kidde 20%

67% Kimberly -dark . 57%

1% King's Dept St— 1%
27% Knight Rdr. Nws. .265,

12 (Coppers— — 12%

6% Kroahler-. 8.

23% Kroger—- 36%

10 LTV - 107*

14i* Lanier Bus.' Prod 15%
21 Lear-Slegler— 21%

24 iLeaseway Trans. 26

31% [Lenox 5B%

20% levl Strauss..: — 231*
20k [Levttz Furntr_... 26k
91% hjbby Owens Fd. .215,

52 | Lily (Eli) 56%

36k lUncoln Nat—;.. 36k
38% [Litton Inds—-. 42%

42% [Lockheed.-. '55%

79% [Loews.. 88

. 15% Lone Star Inds — 21%
245, Longs Drug Strs. 31%
235, 1 Louisiana Land— 27
14% [Louisiana Pao-.- 161,
23% -.Lowensteln 26

16% LubrlzoL- 177*

12% Lucky Strs. 13%

12% m;a Com. inc. 14%

38% MCA 60%

117* [MacMillan. IS

25 Mae-

26% Mfora Hanover-
83, Man vll le Corp....

257* Mapco—

15% Marine MM

31% Marriott..

89k Marsh McLenn_.
.22% Martin Mtta...—
31k Maryland Cup —

87% Masco.

1% Massey Fergn.
17% Mass Mutt l .Corp.

10% Mattel

93% May Dept. 8tra—

[Pub.Serv.EftG. 19T*
JPub. 8. Indiana- 23

JPurax 26k

!pu rotator 84

UtaakerOats- Jl 40%
.Quanex- — ....*.1.5%
iQuestor— 13

IRCA— ~Z 17%

[Raison Purina— 18

’Remada Inns 4k

.Rank Org. ADR.- 2%

Raytheon 3B7*

iReadlng Bates— 13

iRedman Inds 11%

iReevas Bros—... —
■Relchhold Chem 10k
[Republlobanc — 27

26% [Tandy ■ 29%

98 Teledyne...- 101%

42% [Toktronbc 83

23% tTonneco 24

15k [Tsaorn Pet - 157*

84% Texaco 88%

87k rTexaa Comm. Bk 28%
39% [Texas Eastern 45%
22% [Texas Gas Trn ._ 83%
70k [Texas Instrim'ts 88%
21% (Texas OH ft Gas-. 85%
19% [Texas Utilities 217*

18 [Textron 18%

14% ‘[Thermo Electron 14%
44% [Thomas Batts -. 45%

185, [Tidewater - 19%

67* hlger Inti .- ' 8

28 TTHne hie 28%

37k [Times Mirror 40%

467* (Timken...——.-.

6 . Tipperary-

IS Tonka.—

8% Total Pat.

841* Trane —

18% rransamarlca.-.

19% Tramway-

137* Tram World

191* Travellers— — —
6% [TiioontroJ

17% [Trl Continental-. 1B%
97* Triton Energy «— 19%

12k Tyler 14

15% UAI 18%

7% UMCInds 81*

51k Unilever N.V.. 53

42i* Union Camp. — 45%
60% Union Carbide— 43%

27k (Union Oil Cal 50%

31A- Union Pacific. 38k

6 UnlroyaJ. i— 8%

7% Untd. Brands. 8%

28 UnL Energy Res. 29%

-36% US Fidelity O 37%

26 U8 Gypsum 277*

10% US Heme 121*

8 UB Inds . 97*

23% US Shoe— 313,

18 US Steel 18%

185, Uf Surgical- 22

42% U8 Tobacco- — 44%

31 US Trust 34%

317* Utd.Techrtolgs„ 39
17 Utd.Teleoomms. 17%

38% Upjohn 39%

31 - VF. 45%

257* Vartan Assoos.— 36%
8% Vsmltron — .. 9

24% | 13%
23 16

10% 5

44 36

25% 20

16k 107*

16 9%

17% 13k

25% [ 16%
11% 7

5.38 I 9.00

40 | 22%

28% 18
39% 33

6% 5k
22 % 11 %

60% 45

17% 7

2.05 1,08

68% 62
23 14%

15% 11

15 8%

3.35 1.75

9% 61*

13 9%

40% 27%

26% 18%
14k Hk
12k 4.75

68 57%

19 167*

30k 16%

Hudson Bay Mng' 14%
Hudson's Bay_...l 15%

Husky Oil 5%

limsco I 38%

Imp Oil A— —i 227*

In co 11%

Indal J 9%

inter. Pipe | 161,

Ranger OH— J 6%
ReedStenhsA— 11%
Rio Algom— .t 27k

Royal Bank. , 18%

Royal Trusco A_. 117*
Sceptre Rea-..— I 5.75

Seagram- — 59

Shell Can OiL— | 167*
(Steel of Can. A.... I 16k

4.70 JTedt B - ;_.[ 5.12

£17* Texaco Canada- 26%
17k ihomsonNewsA 18
22 Toronto Dorn Bk. 22
15% Trans Can Pipe-. 17%
67* iransMntn.OfiA. 6
14% Walkar(H)Rea— . 16
Ilk Weatooast Trans 12
27 Weston (Geo) 87%

GERMANY

1BB2

High | Low

54B, 38

267* 19%

89% 831*

56% 24%

25% 18%

87% 19

32 17%

14% 10%

18% 15%

367* 30%

19 15

137* | 10k
2B% t 22%

I . ( 381,

maU Mil— 1 80%

TP-.-- I 23%

Service-... 52

iwest— ) 187*

Equipment 20
Cilfls Iron. 17%
x— — ■ 14%
Miueitl Peaby . 18%

poem Cola- ' 33

|Colgete Palm — .1 16k
boll Ins Alkman-.i 15%
bolt Inds — -i 94%

36
15%
43%
30
48
87
34%
10 %
177,

24k
£3%
S3

ralnger (W.W)._| 36%

iRoim i —

Roper Corp

[Rowan

■Royal Crown

[Royal Dutch. —

[Rubbermaid

Ryan Hornes

Ryder System —

. [SFN Companies-
‘■SPSTechnol.gies
[Sabine Corp— —

Safeco

[Safeway Stores-

[St. Paul Cos.

SL Regis Paper-
tSente Fe Inds. _

[Saul Invest-.

[Sobering Plough

Z8.8|AEG-Telef ......

480 [Allianz Vers— ....

110.5 BASF

105.2 BAYER—

179 I Bayern -Hypo

263^[BayBrn-Verein....

Indices

NEW YORK -DOW JONES

I i ! » [ ’ i

July 1 July ! July • July July ■ July 1-

9i8 7 6l2‘l,

32 'Since CmpHfn ,
Low I High | Low

a industr 1 ^ BM.itj e<M ja

H'msBndej - BW1 »7.W S7JB| &8.Uj MLCT SJLff j - j -

utuiti— — »wj i».n wj“w ’|“ *8 S 'bIK (JS?«

Tr «»S5 VOI j «,««]«.«« qijiOjW.su '-[-[-.'

Day's high BlB.59 low 803.37 ., ■: ■

IVU.U 1 1 iv.v

(Urt) (20/4/6!) CMM/42

• _*lhL JU j y | J 9' y | H19h l” 8 LOW

MKRdfttMlM) 4*SS 448.7 j 457.B i Ml (fffi J £&-[! .

Metal ft Minis. (UV M) 3TO2 M9J B83J | 314.1 1 48B.1 g/T) , BBS J (8/7) ■

AUSTRIA 1 I |

Credit AKtl on (2/1/GZ) 48.W mM 4BJ5 «JT Bk36(4in [ 4BJU(XBI8) -

BelgUan SE (51/H/8B) K.B1 B2J1 88.g J BSLg HBL43(B/4) 88,42 (80/1)

DENMARK

Copenhagen «E(7/I/7S) -7SS^? 188M nw.M 770.04, BapW) 1MJ7(8/7)

Wheelobratr F._
Wheeling Pttt*_

Whirlpool —

White Coil so ltd-
Whittaker.——-.

Williams Co

Winn-Dixie Str._.
Winnebago—; —
Wise Elec Power

Woolworth

Wrigloy

wyty

Xerox —

Yellow FrtSye-

Zepate—

Zenith Radio— —

AUSTRIA

* 1982 July 9 Prloe

High | Low %_

' 222 '1 208 ' Credtt*stalt PftL.' 209

204 180 LmnderbankPfd 180

301 258 Pertmooser 26S

106 64 Bempertt 70

17B 140 Steyr Daimler...- 145

.210 .155 Ualtseher Mag— 190

BBLGIUM/LUXEMBOURG

1982 .

High | Low

260 [Deutsche Bank...

141 DU Schult..

129.3 Dresdner Bank...

177 [oHH.

47 [Hapag Lloyd. —

107.7JHoechet

lg.BHoesch +.„

384 Holzmann (P)-...

102 Horten -

134 Kail und Satz^..—

176 iKarstadt-

150 Kaufhof-

168 KHD

53.8 Kloeckner.

49 Krupp

266.5 unde...

61 Lufthansa.

164 MAN-...

129.2 Mannesmann.

201 Mercedes Hlg —

197^jMetallgesell.

610 Mueuch Rueck -
176.0 Preussag

160.5 Rhein West Elect

247 Rosenthal

268 Sohering

198.2 Siemens.

71.5 Thyssen — — -

130.5 Varta.

123.8 Veba

267 Verelh-West

129 [Volkswagen.

Indust'l dlv. yield %

“June 25 Juno IB ] June 11 [Year ago (Approx

6J95 7^08 • SJQ [ 8JQ

j a 1 I

CAS General (S1/12/8U B7S B7J0 88.00^ - J Ilj-J 0*«
(ndTendanoetfTmuHl uoj IM.80I 11DJI I 110.4 1 124 J (12/B)

85.8 (4/1) .
87.7(4/1)

STANDARD AND POORS ( , • 1Ma 53, noe cmp.lfn

jjuly j ju^j july July W Low'

flndusfl.^ »L75| ^{“nUTi 1«-M ^ juSi fj®

fComp's'tej 70M*| ^ IDZJaj WJi ^ gjj 4

Indust'l dlv. yield t

Indust’l WE ratio
Lang oov. Bond yield

NY. 8X ALL COMMON

July '.July : Juhr | July ■“
9 B : 7;8;

June SO
8.91

(4(T) i pl.-g) KM/17W ( 1/8/M
June 23 j Year ago (approx
5.89 I 4J0

13.73 I 14.02 I 13.1P

Rises and Falls
• [July 9 [ July B | July 7

fX- i »» iss

fS-aJSSi (Bl/lim i ZSlJfll 2£1.1 b| Z2B.Gfij K4.6 I flUiM j

Commarzban k(Deo 1865)! B7B.1 | B74.W; 682J ; MHO ! 1 WW •

AMp!cBS D rteAJMUlB7m so! 8EJ B5J i 05J ! 85.0 (HUB) 84J}(8/1)

ANP-CBS Genaral/3870} SU 8U | 05J ] 85.0 (M®

ANP-CBS IndUSt (1870) 1 .E7J { 68 J B8.5| Bfi.0 • 74J(10/5) ! B8^(4/I)

Iteng' Seng* Bank (31 (7/8 4 Its US 1 1263 JM l Z71ja | »aM 1446^2(12/7) j IT53.M (Sffl

Banea Comm ttal^lBR) 182J8 | 155.42 rcwi] 1H.40 ; 21228 (18g) j 1B2J8 (877) ■

Dow^/Weraqa OWNS) ESS1.5BI63SL91 70SS.llLoi9.B6' 7828^5(27/1) Ba8JR{17/8)
T?5oNe\5%WnW vmmMVUMBU* 08128(27/1) B20JZ(8/7)

SsSseTvI/ 72) . . J1B.83 -flk85 115J67- 115J41 TWLg (28/7) 188.12 <1H)

ARBED

Bank Int ALux-

Bekaert B

CImsnt CBR.—

Cocke rill

EBES

ElectrObel

Fabrique Mat.—
G.B, In no.— .J

OBL (Brux L)

Govs art 1

Hoboken

Intercom

Kradletbank- — 1
Pan Hldg r . — — :

Petroflna — I

Royaie Beige-...
sea. Gan. BanqJ
Soc. Gen. Beige-!
Soflntu. —|

I 1 — ^ - — railD

a»tri 11 » u

^SE(Ul/7*>. JBJj-.'tiBJBj H5J7 ; 115541 TWLg (28/7) 188.12 <1H)

itKtito'nmts (isso ‘ bm jo oo 9J6 aaua j BWjsffrh | b»8J9W7)

US r S4E RICA 562JJ S33.5 58S.8il45.il 558.5 (5/7) I »M1

Industrial (18M) j 621.4 617J 51U , 611.4 ! 711J (8/1) ! B07J (28/8)

MONTREAL

July July July 1 July

0 1 8 7 f

£33 MB

^ ^‘ fi| 1W8 ’ 8 1

NEW YOAK ACTIVE STOCKS

Chance Chsnge

&“.5M S ^ SS S -

Amer AirHnts- 868J00 18 — Ub ' * % ' 4 . k

taen *38.100 26V + *» Sony ............ IS* I

An \.„Z~", Kao 51? + ». G.d- s Lww« S3SJ500 ZTa + k

nSJ(J48) RICA 'mfi 553J 58S.8 ! 345.1 } 558.5 (5/7) I »M1

Industrial (18M) j 621.4 617J 51L8 ; 611.4 ! 711J (8/1) I B07J (Wft)

" 1 ■ »‘j* 1 I - t

Madrid be (M/12j5T) 97 JO 87 JSI 88.87 ; 90 J 5 107.C (W) ' 07 J8 (8/7)

SWEDEM ?

Jacobson ftp, tl/1168) 997.75j 588^5 805.151587.851 858.62(22/1) ; 683 J2 ga/4)

8WlsSSc^.(51/12rt8) 288.4 | Z57.40 j 84IIJ' j a<lh : ' 285.1 PW) 257.40(7/7)

2SKintl.(l/1/ro - [ 122J f 122-H j 725-5 I 147J(4m \ 128J ffff)

fraction Elect—.

UOB—

Viallla Mont

DB4MARK '

1982 July 9 Pries

High LpW %

129 ~113jirJkndelsbaii ken— Ill42

, 420 500 Beltiee Skand — 320

':'14B 125 CopHandelsbenlclSe

3706, 306' D.5ukJcerfab— 320.4

(**) Saturday June 25; Jspaa Dow 720090. TSE 539^0
Base vahna'et all KMBcea srs 100 except AostraSa AR Onflamr and MWto-
500. KTSS. M Cmhmm- 60 Steward and ^ “d To«»»-4JXtt ^

last named based on 7975. t Exdudinq hoods. s«0 taduealais. . i«0
ladueiriek pius 40 UdUM, 40 Sneoeiala and » Traaepona. oCtoeed

u Unevaiiabte.

145J 86 [East Astatic _. J 87.8

646 512.6 Fbrenade ftryggJ512.B

. . 451 . 386 [Fbrenade Damp-401^

289 228 |GNT Hldg- 1230

191 170 Ltydske Bank— .175

1 168 124 [fiord Kobe)— ..13A

1,761 ■ 1,400 Now Ind -1I5675

96 77 Ipsplrfabrikkcr- 77

.. 150 ■ I22.2'pr|vatbankan—122^

130J8T 113 IProvinsbarrKen- 119
279 167 |6mldth (FI),— _ 18S

5202 465 Is. Berendsan — 497
145 B7J|SuverfM 93

iT-tB

. -

HOLLAND

1982

.. High | Low

1982

High : Low

l59.80o[l24JKH)lAssicur Gan.. [126,800

39, 900130,000 r Banca Com' le.— . (30, 7 50

299 90 BestOfli Fin - 90

6,950 1,940 Centrals 1,940

9,800 6,300 Credrto Varealno 5,300 ;

1^96 1,500 Flat 1.620

49 28 Flnslder 30^5

. 3,400 2.101 ilmraat. ...... 2,106

42,000 2 1,500 [ItaJ camontl 24,700

160J3S 81.25 Montedison- 86%

3,040 2. 160 [Olivetti 2,170

3,405 2,050m relll Co. _.... 2,100

- 1,580 1,182'pIratil-Spa. 1^21

840 605 SnlaVIscosa 630 |

20,100 10,000 Toro Assic..- 10,190 1

15,890 7.410 do. pref 7,410

19B2 •
High | Low

ANZ Group

jAcrowAust— ...

Ampol Pet

Assoc. Pulp Pap.

Audlmco

AusL Cons, ind—

Aust. Guarant

AusL Nat. Inds—.

Aust. Paper—.

Bank NSW

Blue Metal

Bond Hldgs—.—.
BoraJ —

Bl'vllle Copper-

Brambles Inds

Bridge Oil—

BHP.

Brunswick Oil—

ORA-

CSR—

Carlton ft Utd—
CastiemaineTys-
Cluff Oil (Aust)-
Do. Opts—
Cockburn Camt!

Coles (G J J i

Comalco

Costain..—.—...

SINGAPORE

1982

High Low

|- July 9

Price

$

2.28

1.82

Boustead Bhd —

1.B2

4.4

3.54

[Cold Storage

3.60

8.7

7.1

DBS-

7.55

6.75

6.15

Fraser ft Neave...

8.80

2.7

2.5 -

Haw Par....... -

3.65

2.36

1.78

In cheapo Bhd—

2.02

7.7

5.4.

[Malay. Banking.-

6.10

6.35

4.58

[Malay Braw...—

4.86

12.7

a.o

0CBC-—

8.10'

2.92

1.87

Si me Darby

1.89

7.2

4.26

3tralghtsTrdg

5.25

4.98

5-94

UOB,.,-

3.96

SWEDEN

1982

High L Low

RANGE ' |

1908 July 9 Price

High I Low Fra.

2000 1,636 Empruntkfc 1875 1,735
7,100 6,490 Emprunt 7* 1375. 6,250

3^70 2,570 CNE 5T 3^55

512 437 Air Liquids 460

!• 167.9 104.4 AcquRalne. 105.6

17&5 115 Au Printemps— 15B.S

660 280 BIO 475

L&10 602 Bouycuos— 614

k568 1,160 B8N Gervats 1,320 -

1,732 liiocarrefour -.1,454 -

636 466 (Hub Mediter ..— 647

620 607 GFAO— — 618

260- 127 CFS-dhonuonl— 140^

230 167 Cle Baneaire — . 167

362.51269 [cie Gen EauX — 292 J)

124 108 [Coflmeg. — . 121

94 49.6 Creusot Loire—.. 73.1

141 106.5bFP ; 106JBS

53 36.1DNEL- 45J)

1.550 978 DumiE^ ...1,142-

436 360 Gen. OooldentaL 407

98 462lmetal_ 47X1

BB7 197 Lafarge 197

1,010[ 712 iL'Creal 869

1,705 l^ffLsgrand.- 1,«B

36.1 26.4 Machines BulL_. Ml

1,465 1,193 Matra- — 1,441

B37 603 Mlehelin B- - 616

375 640 MoebHenne«y- 746

65J 62.6 Moulinex 64.5

404 273.6 pemod Rleard 360

186 145.& Perrier . 1 .. 174.B

199 12 8jz[ Peugeot 133.0

219 107 Poclaln - 116

335 189 Radlotach £63

,1.074 760 Redo Ida 897

321.5 215 Roussd-Uctaf..... 886
830 474 Skis Rosslgnol ... 551

1466 718 relamech Heat, 718
948JI 169 Valeo.——. 173X1

190|AGA-

197JUfa-LavaL.

167 A6EA (Free) —

3B0A»tra

101 [Atlas Copco...,

156[Bo!ldon

212iCellulo&a-

BllElactroUa B...,
192 Ericsson

115[E*selte.(Frea/.

HONG KONG
1982

High | low

69 |ACF Holding

60 lAlhoM

Z2.BAKZO.

270 iABN

78.0 AM EV— J

45.71AMRO J

159 .Bradero Cert — :

37 I BoBkal Is Wostm.

53^iBuhrmann*Tet —I
2B.4!caland Hides [

131X1 Elsevier- NDU nv.I:

IDS Ennia i:

69 lEuroCom Tst — _.|
Sl.BiGisL-Brocades—
47^ Heinekan

13.s|Hoogovens —

6.0'iHuntor Douglas.

17.5 int>Mullar

86 ' KLM

20 Naarde'n ....

104 Nat Ned Cert.....
2& Ned ored Bank..
109.8' Ned Mid Bank -

108 [Nadlloyd —

98.0lOce Grlrrton ......

£OX>!Ommeren (Van).
5?.5|Pakhoad — —

20.3iPhillips

21.5iRiin^Schelde

190.5(Robaeo.,.,.„

1 18 JiRodamco —

lSB.9;Rollnco

135.3 Rorento -

71.8 RoyalDutch— ...
71^ Siaven burg's.—

175 ickyoPacHg |

143 Unilever j

94 Viking Res -I

38 VMF Stork.. |

48 VNU—

61 west utr Bank — [

NORWAY

. . 1982 July 9 Price

High j Low [ Kronor

11B iosis 'Bergens Bank.... 109

135 100 iBorroganrd ._. 108

153 127.5 Cradltbank- 138

54 “45 Elkem 46

445 300 |Kosm03- 300

366 . 248.3 'Norsk Hydro 267.6

246 175 | Storebrand - 180

14.4 Cheung Kong..—
U5rCo»mo8 Prop-
10 Cross Harbour.-.

85.5 Hang Sang Bank.
4.67 HK Electric —

4.07 HK Kowloon Wh.

6.45 HK Land.

9.8 HK Shanghai BK.
2BXI HK Telephone.-

13.5 iHutchlson Wpa..

12 JS uardlneMath

3.5 ‘New World Dev.
4.7 o seas Trust Bk-

3 J5 15KH Props.

8.851$ wire Pac A

4 jo IWheol'k Mard A.

4.6 Whael'k Marttl'a
2.27iWorki Int. Hldgs.

14.7
■ 130 ■
10.0 -
85S :
5A0
4.47
7JI0 ,
11.1 •
3025 ■ 1
15X1
16.0
3.85
5M ;
6J0 .’
10.9 '
5JS5 ,
4.6 •.
2JbO ■

JAPAN

1982
LOW

July 9 Price
• Yen

AUSTRALIA

793 Ajinomoto.—

4ao|Amada

456'Asahi Glass

3991 Bridgestone

643Canon- \

258biuzen

600 Delel

359DKB0- —

360:014 Nippon Ptg -

363Daiwa House

565'Dttlwa Seiko.

355;Ebara —

75C;Elsal

4 BO, Fuji Bank..—

l,190lFui( Film

1,140' Fujisawa

4,l60TuJltsu Fanue.—
1,7101c reen Cross-.-

509 Hasegawa

50llHeiwa RL East-

54ljHltaohl

425 Hitachi Kokl

582[Honda

93D,House Food— ..

619 Hoya — —

275 Itoh (Cl — .

363 ito-Ham—

770 ito-Yokado...— —
392 JACC3 —

2,130 JAI

64llJusco..

313 Kajima

460 Kao Soap...-

740 Kashiyama

361 Klkkoman

406 Kirin — ....

865 Kokuyo

431 Komatsu —

343 Komatsu F’lft— \

519 Konishlroku-

330 Kubota.—...

351 Kumagla

3,060 Kyoto Cartmla...

560 Lion

503lMaeda Cons.

824
500 '
477
431

700 •
273
612 ..
484
615 .
384
400 .
360
813 .
600;

1,420

1.310

4.310 *:
1^50

SEO .
531 /r
876
475 .
730
1,000

701 :
277 .
SB1 ■
850
392

8,390 -
I 571
525
I 495 •

,1 785
.! 370
425
910
469 .
350
585 .
330
, 384
3,700
360
529

320|Nlsshln Flour—
143|Nlsshln Steel-....

390 Nomura-

240 NYK

733 Olympus.

1,260 Orient—

1^10 Pioneer

666 Renown-...-.

443 Ricoh-

391|Sanyo Elect-

243 Sapporo —

648 sekisui Prefab-

622 Sharp

761 Sh isoldo.

2,960;Sony. —

321 ;Stan ley

2i9jS'toino (Marina—
4S5iT£uhel Dongyo— .

213ltalsel Corp

SBOiTalsho Pharm— '

77D[Takada.

3,080-tDK

BOGiTelJIn

726rTolkoku Oil

420JTBS -

436Tokyo Marine.....
820iTokyo Elact.Pwr.

lO&Tokyo Gas

598.Tokyo Sanyo,

200Tokyu Corp

2B0[Toshlba — — .

401TOTO

417|Toyo Selkan ..

B15iToyota Motor..—

1,630 victor.

700lWaooal

660 Yamaha. — —

517 Yamazakl

221 Yasuda Fire

491|Yokogaw& Bdge.

SOUTH AFRICA

1983 I July 9 Pr
High Low j Ra

4.50 S.lOAbercom I

9.9 6X»[AEftCI £

16.3 8.90}Anglo Am— ...... 9

105J25 58.00 [Anglo Am. Gold- 6 C
3.80 2 .05 [Anglo Am. PropJ £

10.6 6.55|Bark>w Rand_..'.. 1

45 24.3 [Buffets-—— 21

7.8 4.95BNA Invest 5

2.051 135 Currie Finance... S

8.6B 3.97De Beers- A

30 18.75iDrlefonteln 2C

41 1B.8|fS Geduld- 21

95.5 48^5JGold Fields SJL.. 41

5.65 3.7 Highveld SteeL.. 3

6.6 5.5 Huletts C

38.5 93 Woof - £

B.20 4^6 Ned bank e

21.5 14.60bK Bazaars IE

2.7 1-85 Protea Hides S

11.65 8.10[Rembrandt u E

5.75 3X1 iRennles. — 3

5.35 2.66 Rust Plat 3

3 2.0 .Sage Hldgs 8

5.13 3.75 SA Brews. A

. .22 15 [Tiger Oat*— 1€

4 2.95|Unlsec.— 3

Financial Rand US$0.77i
(Discount of 9£%)

BRAZIL

1982

High Low

SWITZERLAND • .. .

1982 July 9 Price

High ■ Low Fra.

676 410A!usuiMe— 410

1,160 815iBrown BoVcri 838

1^45 1,165 Ciba-Geigy ....—: “1,175
1.050 .910] do. (Part Certs). 988

2,310 l*580lCredit Suisse 1,580

2,376 2,190:Elektrowait— .... 2J10

520 306'Flsher (GeoL. 396

63,500 53,76O'Hoff-R0chePtCts>64,25O
6,3201 6,375[He>ff.-Roch» 1/10.1. 6,460

5,000 &,2S0.i nterfood B,B50

i^so i.iSOJelmon — f 1,235

1;W0| 780 Landis ft Gyr- r 780

3,305i 3,070'Nestle 5 3,185 .

1,485 l,OOB|Oer-Buohrie..-.',1 1,015

239 SlOPirelll- '213

4,460 . 3^50'Sandoz (BCI— — 2^75
548 497 Sandot CPt Ctsl— 535 ;

290 238lSehmdleriRtCtei 275

7 So! •638;8wlseaIr...- 1 ...-.-| 657,

32® 270 Swiss Bank,,..,-,,' 270

8,G0a 5,500iSwlss Reinsce .... [ 6^00

1-952! ^aaoBwiss voiksbk.- 985'

8^10> 2,6Eo! Union Bank H -... 2,660

2,425 2,010, Winterthur 2JJ50

16, 100; 13^ 00 Zurich ins— -.[14,000

l^ZlAcestta- J 1.60

9.45Banco Brasil 16.65

5.1 jBeIgo.'Mln — 6.00

2.35|Brahmn PP. 8.15

6.50[Logas Amer-i— 6 Jil
S.OO.Mannesmann OPi 2.52

6J Petrobras PP 12,05

6.31 Souza Cruz. 10.95

4.65 Unip PE...— 8,15

7.6 Vale Rio Doee— 15.10

NOfhS:— Prlcu on this page are os
quoted on the individual exchanges
and are last traded prices. S Dealings
suspended, xd Ex dividend, xc Ex scrip
issue, xr Ex rights, x* Ex elL

Charity hopes
to save wood

THE Woodland Trust, a regis-
tered charity, is trying to raise
nearly £60,000 to safeguard 110
acres of Wye Valley woodland.

Although virtually the whole
of the area from Chepstow to
Hereford is designated as an
area of outstanding natural
beauty, large stretches of
broadleaved woodland have
been converted to conifers in-
cluding part of Bigsweir Wood.
The Trust now hopes t<) save
the rest of -this wood <by buying
iL

The Wye Valley is renowned
for its wooded landscape, its
Jinks with the history of the
Welsh border country and as a
-tourist attraction. Offa's Dyke,
the kneient earthwojfc that
marks the Welsh border, runs
through. Bigswelr Wood

Vi--

*

V

1 \
l

18

and Markets

CURRENCIES; MONEY and GOLD

MONEY MARKETS

Base rates set to fall

A stead}' reduction in Bank of
England money market dealing
rates last week led to strong
speculation that clearing bank
base rates will soon be back to
the 12 per cent level of last
summer. Base rates fell to 12
per cent on March 10 19SI, but
jumped To 14 per cent on
September 16, and 16 per cent on
October 1. as sterling weakened
from over S2.20 in the spring to
less than $1 .SO by late summer.
Over the same period the pound's
trade-weighted index, on Bank of
England figures, fell from over
100 to the miii-SOs.

In the following nine months
sterling has lost about another
6 cents to the dollar, but its
index has risen to around 91, and
been very steady for some time.

This is obviously the key to

the authorities' relaxed attitude
to lower interest rates. Ever
since the climb to 16 per cent
last year, base rates have been
steadily trimmed by i point at a ■
time, while during the nine
months, sterling has risen to
Dearly DM 4.30 from about
DM 4.15 against the D-mark: to
Y440 from Y410 against the yen;
and to FFr 11.90 from FFr 9.90
in terms of the French franc. In
other words the currencies of
Britain's major trading com-
petitors have faired even worse
against the strong dollar, creat-
ing further problems for the UK
competitive position in export
markets.

At the beginning of last week
the Bank of England cut its deal-
ing rate far long dated, bills
(band 4) by A per cent, and as

the long bill rates continued to
come down in later days so the
pressure built up for a cut in the
more significant rates for short
dated (band 1) bills. The band
1 rate fell by £ per cent on
Thursday, although most of the
-liquidity -help provided by the
authorities was through repur-
chase .agreements. Discount
houses were reluctant to. part

with their high yielding paper
throughout the week, and in the
latter part of the week very few
bills were bought outright by the
authorities. Everything pointed
to a .cut of i per cent in base
rates, but by Friday afternoon
there was still no move. Perhaps
National Westminster, would
prefer someone else to set the

hall rolling This tiwm.

WEEKLY CHANGE IN WORLD INTEREST RATES

LONDON
Bam rata»

7 day Interbank
3 mth interbank
Treasury Bill Tender
Band 1 BUls
Band 2 Bills
BandS nils
3 Mth. Treasury-Bills
1 Mth. Bank Bills
3 Mth. Bank Bills

July 8 ‘change!

121*

12 sa - 12 ft
1 121 *. 12
11.7483

law**
12 *
iau

NEW YORK
-Unch'd! Prime rates
Federal funds
3 mth Treasury Bills
8 Mth. Treasury Bills
3 Mth. C D

July 8 lehange

•llft-llia

■ 12 S- 12 U

Ulfl-llft

Gt ■

5 — 0.4 871.

a

1-lB I

tt

jifils
1 123,. 13
ill . 86
112.36
114.20

Unch'd

-3.00

—0.69

-0.70

1.05

FRANKFURT

Lombard

One Mth. Interbank
Three month

h

8.0

9.45

8.55

iUnch'd
lUnch' d
Unch 'd

BANK OF ENGLAND TREASURY BILL TENDER

TOKYO

One month Bills
Three month Bill*

BRUSSELS
One month
Three month

7.34375

7.38125

July 9 ' July 2

July 8

July 8

15 Vs

M*

[FARI 8
I,, „■ Intern ntlon Rate

>H 2 SE.S :1 M th. interbank
Unch d iThr# , moflth

I I MILAN

j— * ' one month

— ft 1 Three month

!14*
|15
1 14ft

-*

■—ft

;-*

18ft

|20ft

;-i«

-*

Bills conifer £100m ■ £100m Top accepted

Total of rate of discount! 11.7933$

applications £417,*45m £42S.ra5m 'Average

12 J 335$

AMSTERDAM
One month
Three month

8ft

Oft

! 'DUBLIN

. +ft i One month
iUnoh' d. Three month

118ft

llBifl

-ft

Total allocated.. . i £100m , £100

rate of discount' 11.74931

Minimum
accepted bid....

£97.06

' £56-9 m

'Average yield... ...

12 . 10 %

12.62% "

Allotment at
minimum level..

G*

jja-

! at next tender...

i

£IOOm

£ 100 m

London— bond 1 btfis mature In up to U days, bond 2 Mta 15 to 33 days, and
bend 3 bffia 34 to 03 days. Rates quoted mpresant Bank <d England buying or
sailing racse wlft the money market. la other centres rates ere gensndty depnit
mas In the dometts money marks* and their respective Change* during the
week. • Band 4 12V

FT LONDON
INTERBANK FIXING

LONDON MONEY RATES

3 months U.S. dollars

bid 15718

offer 158(16

6 months U.S. dollars

bid IB 11/IB

offer 16 18/18

! Sterling

July 7 Certificate
1883 or deposit

Overnight.

a days notice... 1

7 days or.

7 days notice...

one month

Two months....
Three months.

Six months

Nine months...

One year

Two years.

13ft- 13ft
135-13*
12 *-13*

12 i a - 13 *

12* 13*
12 * 12 *

Local [Local Auth
Interbank : Authority ! negotiable
deposits j bonds

18-14*

12*43*

12*131*

12*- 12ft |
12 ia -12* j
13*42* j
13* 12* I
13ft-13ft
I 13ft 13ft 1
! 13*-I2* .

13*

12*-13T 8

12ft

13ft

12 *

15

13-12*
12*43*
12 ( 0 - 12 *
121(41*
12 * 12 *
12 *- 12 *

Finance

House

Deposits

12 *

12ft

St

12 *

12ft

[Discount i * I Eligible ! Fine

[Company Market Treasury | Bank J Trade
Deposits: Deposits Bills* [ Bills* i Bills*

12*43*- 10-12*1 -

12*43

1278-13

13*

137a

;i2*-ia* - .

I 13 .12l842ft42&42U:

1178 1242ft 1342ft

;1 13*4 17a U9 -i 17 8
j — l — I 11=*

13

13ft

12Sa

12ft

The Using rates (July 2} are the arith-
metical means, rounded to the nearest
one-sixteenth. d the bid end offered
rates lor SlOm quoted by the market to
five reference banks it 11 in eseh
working day. The banks ire National
Westminster Bank. Bank of Tokyo.
Deutsche Bank. Banque Nations] da
Faria and Morgan Guaranty Trust.

Local authorities and finance houses seven days notice, others seven days fixed. Long-term local authority mortgage
rans. nominally three years 13* par cant; Tour years 13ft per cant; live yaar s 13ft per cent. ® Bank brft rates in table
are buying rates for prime paper. Buying rates for four-month bank bHta HVU 1 ^ per cent: four months trade bills 12ft
per cent.

Approximate selling rate for one month Treasury bills 12-IZft* per cent; two months 11ft-11>ft» per cent: three months
llttjt-llft per cent. Approximate selling rats for one month bank biUs 1Zft*42ft per cent: two months 11 “u per cent and
three months livfts per cent: one month trade btila 13ft per cent; two months 12* U per csirR three months 12ft per cent.

Finance Houses Base Rates (published by the Finance Hausse Association) 13ft per cent from July 1 1382. London
and Scottish Clearing Bank Rates for lending 12ft per cent. London Clearing Bank Deposit Rates for sums at seven
days' notice 9ft per cant. Treasury Bills: Average tender rates of discount 11.7482 per cent. Certificates of Depostt
(Scries 5} 13 per cent from Jufy 9. Deposits withdrawn for cash 10ft per cent.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

July 9

Sterling

U.S.

Dollar

Short term 12»i-13

7 day’s notice.... 13ft 12ft

Month 12* 12ft

Three months 12ft-12ft

Six months I2ia-i2*

One Year. lC r i.-12ft

13*43*
14441s
141i-14ft
14*45*
15* L5*
15 <4-1513

Canadian I Dutoh
Dollar i Guilder

Swiss

Frano

1647

16- 17
16*46*
16*47

17- 17*
17-17*

9-9*
Sri-Br*
are 9
8ft 9ft
9*-Bft
9is-e*

2 - 2 *
3-2*
4ft 4ft
4*-4Tg
5* -57b

SDR linked deooats: on a month I^IZ^i* per cent; three months per cent: six months 13ft-13ft per cant; one year 13ft*- 13^ per cent.

ECU haled dapowm: one month II 7 , -12ft per cent: three months IZft-IZft per cent; s*x months ISft-lSft per cent; one year 12ft- 13V per cent.

Asran S (ciosmg rates in Singapore): one month Idten-IShi per cant: three months 15 T »-16ft. per cant: six months ISiftfc-IStft* per cent; one year HTVIS 5 *.
PW rent. Long-term Eurodollar two years 15V-16 per cent: three yearn iBft-16 percent; four years 15V-16 per cent; five years 15ft-16 per cant; nominal dosing rates.
Shorr-tarm rates are call for U.S. doUera. Canadian doHare end Japanese yen; othera two days' notice.

The following rates were quoted for London dollar certificates of deposit:. one month 14.50-14.60 per cent: three months 14.60-14.70 per cent: six months 14.63-
14.93 par centi one year 14.80-14.90 per cent.

CURRENCIES AND GOLD

THE DOLLAR SPOT AND FORWARD

Late fall by dollar

July 9

Day's
up reed

Close

One month

%

p.e.

Three

months

%

p.a.

The dollar advanced to new
peaks in nervous foreign
exchange trading last week,
despite expectations of an
improvement in Ml money
supply figures. Europeans
seemed kern lo push down the
U.S. currency after mid-week, but
met with some resistance from
the members of the International
Monetary Market in Chicago. The
dollar touched record levels on
Wednesday, and continued to
advance the following day as U.S.
operators reversed the weak
early trend set in Europe. The
U.S. unit touched DM 2.5165
against the D-mark, the highest
for 11 months; SwFr 215 against
the Swiss franc, the highest for
10 months: and FFr 6.9950
against the French franc, an all
lime dosing high after touching
FFr 7 omn.

During the week the dollar
also rose to a record against the
lira of LI .4051. and to a 5J year
high against sterling, as
the pound fell to Sl.TOSO.
But despite U.S. preference for
its own rurrenry. lower Federal
funds and broker loan rates on
Friday proved ton hard to resist,
and the dollar finished the week

at DM 2.4870. compared with
DM 2.4760 seven days earlier; at
FFr 6.8990, against FFr 6.S69Q;
at Y254.95 against Y256.45; and
at SwFr 2.1090 compared with
SwFr 2.1035.

The pound was generally firm,
despite expectations of a cut in
UK bank base lending rates.
Despite touching a 5$ year low,
sterling finished only slightly
lower against the dollar at
$1.7260 compared with $1.7315
on the previous Friday. On
the other hand the pound rose to
DM 4.2925 from DM 4.2875; to
FFr 11.91 from FFr 11.89; hut
fell to Y440.25 from Y444; and
was little changed at SwFr 3.64
against SwFr 3.6425.

The Bank of France steadily
reduced domestic interest rates,
and the Belgian National Bank
cut Treasury certificate rates on
Friday as both the French and
Belgian francs traded comfort-
ably in the European Monetary
System.

Gold rose S15 to S32S during
the week. Friday’s close was the
highest level since May 27. and
reflected the late weakness of
the. dollar as U.S. interest rates
fell.

UKt

Ireland!

Canada

Nethlnd.

Belgium

Denmark

W. Ger.

Portugal

Spain

Italy

Norway

France

Sweden

Japan

Auatrla

Swltz.

1.7070-1.7300

1 .3785-1.3840

1.2785-1 .2855

2-7385-2.7540

47.32-47.70

8. ESSO-8. 6270

2.4840-15050

S4.75-S5.50

113.40-112.86

1,391-1,398

6.3660-6.3780

6.8960-6.9350

8.14B0 -8.1610

2E4-60-2B7.00

17.51-17.58

2.1075-3.1340

1.7255-1.7285 0.33-0 .38c die
1.3820-1.3840 0.53-0.43cpm
1.2788-1 .2600 0.194,22c dks
2.7400-2.7430 1.60-1.40* pm
47.40ft-4 7.4Zft 2c pm-par
8.6900-8. 0000 0.90-0. 65am pm
1-3Z-1-27pf pm
30- 130c die
70 -80c die
Eft-Eft lira die

2.4866-2.4875

85.05-8S.40

112.40-112.60

1,381-1,393

63650-6.3750

8.8966-6.9015

6.1450-6.1550

264.90-2*00

17.S1-17.51ft

2.1085-2.1096

-2.47 1.24-1 .29dls -2.93
4.16 1.36-1.20 pm 3.69
-1.92 0.48-0 -52d is -1.56
635 437-4.27 pm 631
035 6-2 pm 034
1.08 1.00-0.50 pm 0.34
6.27 3.80-3.75 pm 6-03
-1139 70-370 dig -1035
-8.00 206-236 dhs -732
-5.17 18-20 die -5.45

0.50-030ora die -1.32 1.50-1.906* -137
O.30c pm -030 die 0.87 0.50-1 nOdia -032
0.60-0.40ore pm 0.97 1.75-135 pm 1.07
1.70-1 .62y pm 7.82 435-4.85 pm 7.69
lOft-Sftgropm 6.77 30ft-Z7ftpm 6.62
2.00-1 32c pm 11.11 5.58-5.60 pm 10.47
t UK and Ireland are quoted in U.S. currency. Forward premiums and
discounts apply to the U.S. dollar end not to the individual currency.

THE POUND SPOT AND FORWARD

July 9

Day's

spread

Close

Ons month

%

p.s.

Throe

months

%

P-4-

U.S.

Canada

Nethlnd.

Belgium

Denmark

Ireland

W. Ger.

Portugal

Spain

Italy

Norway

France

Sweden

Japan

Austria

Swiu.

1.7170-1.7300

23010-23125

4.72-4.76

81.6042.20
14.91-1438

I . 2445-1 .2596
4.27ft-4.31
14530-14730
192.70-19430
2398-2^07
10.93-11.01

II. 90-1134
1058-10.86
438-443

30.1030.20
3. 63-3. 67ft

1.7266-1.7265

2.2013-23023

4.73-4.74

81.79-8139

14.82-1433

13470*13480

438ft -439ft

14630-14730

19430-194. BO

2.«Q3ft-2.405ft

0-33-0 38c die
030-1 30c die
Ift-lfte pm
8-ISiB dig
1ft-2ftore dig
0.62-0.74p dig
1ft-1ftpf pm
70-2550 dig
160-185c dig
13-16 lire dig

10.98ft-10.89ft 3ft-4ftere dig
11.80ft-11.B1ft Ift-S'sc dig

Ift-lftore die
2ft-1fty pm
11ft-9ftgro pnt
2ft-2ftc pm .

Belgian rate la for convertible franca. Financial franc 83.55-89.05.
Six-month forward dollar 2.65-2.70c dla, 12-month 4-fiZ-S.77c die.

10. 62ft -10.63ft
439ft -440ft
30.20-30.25
3. 63ft- 3 -64 ft

-2-47 1 34-1 .29dre
-531 2.70-230dlg
3.48 *-3ftpm
“1.91 48-68 din
-1.87 IDft-llftdig
-834 137-2.16dn
3.84 3ft -3ft pm
— 1338 250-7654* •
“10.64 615-660dlg ■
-7.24 47-52 dij
-4.44 lOft-llftdb
-2.62 Bft-IOftdls
-1.76 4 T t-5ft dig
5 AS 5 ft -5ft pm
4.02 29ft-Z3 pm
733 7-6ft pm

-233

-530

3.17

-2.59

-3.02

-6.62

3.15

-13.66

-11.05

-8.23

-339

-3.19

-1.96

5.11

3.47

732

FORWARD RATES AGAINST STERLING

GOLD MARKETS

July 9

July B

Spot

1 month

3 month

6 month

12 month

Dollar

1.7280

1.7296

1.7387

1.7528

1.7730

D-Mark

4-2925

4-2911

4.2891

4.2286

4.1698

French Franc

11-81

11-9125

11.9196

12.1722

12.4599

Swiss Franc

3- 64

3. 0378

3.6333

3.5218

3-4158

Japanese Yen ....

440*

438-3

434.6

409.fi

419.4

Oak) Bullion {fine ounce!

Close [S337i"-32Bi»

Opening-

Mom Inn fixing-...:F3j.u3S

Afternoon fixmg.!s528.50

(£189 *-190*1
(£187*1-186*)
l£ 187.5761
(£190.402)

9514-315

6310-311

9310.85

8313.50

(£183* 1841
(£181-181 *)
(£131.4861
(£183.151)

EMS EUROPEAN CURRENCY UNIT RATES

F338W-33P
S174i;.175i;
S33-90
VIOKruq F55I.-37*
MaplHoof S33S*-S39
New Sov f78’.»-"8-i

Krugmd
1; Krug
* Krug

Gold Colne July 9
(£19573-196*1 [King Sov
(£1011011:) 'Victoria Sov

i£5H3-52) “

i £21-21 *•.

(£lH3r e -196U)

(£45* -45*)

French 20a
1 50 peot Max.
,100 Cor. Aust
1 620 Eagles

SB5-87 (£4914-49*)

985-87 (£4Si«-4934)

371.7-81,9 (£41 *-47*1
8403.3-405.8 (£233^339)
S3 211 -9-523.3 r£1B67 B -lB7*)
8385-395 (£22i.2283|)

ECU

central

rote*

Currency
amounts
against ECU

July 9

% change
from
central
rata

It change
adjuatad lor
dhrafgnnce

Divergence
limit %

Belgian Franc ...

04.9704

45.0003

+0.07

-0.16

Danish Krone ...

8-23400

8.17736

-0.69

-092

£1.6430

German D-Mark

133379

2J6406

+1.30

• +1-07

Franeh Franc ...

6.81387

6.57174

-0.64

“0.87

±1-3940

Dutch Guilder ...

2.57371

2.60889

+ 1.13

+090

±19004

Irish Punt

0.631011

0.68fS80

■"0,64 .

“097

±1.6691

Italian Lira

135027

132340

-199

-1.98

±4.1369

Changes ere for ECU, therefore positive change denotes a
weak currency. Adjustment calculated by Financial Times.

OTHER CURRENCIES

July 9

8

CURRENCY MOVEMENTS CURRENCY RATES

Note Rates

Argentina Pnao >34.643-54-682.
Australia Do Har . 1.6970 1.6990;
Brazil Cntseiro . 5 02. SO

Finland Markka.. 8. 1952-8.2 181 |
Greok Drachma.. JE0.64 121,20
Honq Konq Dollar 10.1 3^ 10. 15*

IranRIal

KuwaltDin.inKDr
Luxsmbourg Fr..

Malaysia Dollar .1

New Zealand Dir. 9.33 15-2.3355
Saudi Arab. Riyai, 5.9340-5.9395
Singapore Dollar; 3.70*-3.71J;
Sth.Af Mean Rand, 1 .9884- 159 36
U^A-E. Dlrtiam....< 6J35(kfi^405

■145.40
0.49K 0.4365
8 1.79-81.89

4J»I;A.0B

20.100

0.9B420.984T
175.40 176.28
4.7630-4.7650
70,16-70,26 1
6.8760 -6.8850.1
*05,00

0.:B755-0Jia776

47.40ft -47.42*1

2.3576-2.3626

1.3523-1.3541

3.4390-3.4410

2.1500.2.1530

1.1527-1.1641

3.6720^.6740

* Salting rate.

Austria^...-

Belgium

Denmark

France

Germany..

Italy

Japan

Netherlands.,.,

Norway.. ....

Portugal

Spain

Sweden ...

Switzerland.. -
United states.,
Yugoslavia-

30.05-30.3
88.65-B9.6g
14.75-14.8e
11.87-11.99
4.26* -4.307
2370-241*
4414460
4.71*4.72
10.89-1099*

142-168

184*.193*

10.58-1066

3.64-3.68

1.71.1-73

81-98

July®

■

Bank of j Morgan
England 'Guaranty
Index [Changes*

Sterling.

91.2

— 32.1

U9. dollar

121.4

+ 12.5

Canadian dollar ....

se^

-30.6

Austrian schilling-

117.0

+ 26.1

Belgian franc,. —

95.1

-1.6

Danish kronor

81.8

-14.9

Deutsche marh...„

124,0

+49.2

140.1

+ 96J2

Guilder

11SJ3

+83 JB

73.2

—20.1

Lira

03 .0

—68.5

Yen

+26.7

July 9

Bank

3 oecial

rate

Drawing

i Currency

%

Rights

j Units

Starling.

U.S. S.. „J

4 -
12

Canadian F_.16.50i

t Rate shown far Arqenzins Is cammeraLsI.
eteriittfl 37,500^7.550 against doHsr.

Financial rata: 84,891-84,731 against

Based on trade weighted changes tram
WMhln g tn n' agreement Dacemb sr . 1971.
Bark of Btaliod todsx (base «nrerags
1975“1l»)^

Austria Seh.
Belgian F..—
Danish Kr._.

D mark..

Guiltfo?

French Fr_.

Ura.._;

Yen

. Norwgn. Kr.
Spanish Pts.
Swedish Kr,

Swiss Fr

Greek Dr* ch

a*f

14

11

il- 1

? *
8
10
6*
80*1

0.63129B;

*1.08616 1
N/A I
19.06411
51.6573 i
9.37347
2.70008
8.99017
7.52073
1616,54
878,706
6.98698
180083
6.70048
8.30889
78.3080 1

0.550500

0.947824

1.21938

16.6438

46.0003

8.17755

2.36406

2.60889

6.67174

1323.40

242.501

6.04427

106.772

5.83860

2.01507

66J118

•CJ/SDR rata for July 8 1^37730

EXCHANGE CROSS RATES

July 9

PoundSfrilng

U^. Dollar

Deutschom'k

JapanesaYen

FrenchFranc

Swiss Frano

Dutch Guild’

Italian Lira

Canada Dollar

Belgian Franc

Pound Starling

UJ5. Dollar

1

0.579

1.726

1.

4.295

2.467

440.3

233.1

11.91

6.900

3.640

8.109

4.735

2.743

9406.
1393. -

8 JOT
1.276

81.84

47,48

Doutschemark

J a pane so Yon 1.000

0.233

2.371

0.403

3.920

1.

9.730

102.6

1000.

8.775

27.09

0.848

8,2KB

1.103

10.78

560:2

6462.

0^13

8.001

19J37

185.9

French Franc 10
Swiss Fra nc

0.640

0.270

1.449

0.474

0.804

1.179

889.6

120.9

10.

3.372

*?** i 3-SZf

•1* B 1 Xe30X

9019. .
660.6

LB4B

0.605

68.72

33.46

Dutch Guilder

Italian Lira 1.000

0.211

0.416

0.363

0.718

0.907

1.780

92.98

1B3.1

8.615
4.963 .

0.769 ; 1.

1.614 1 1,969

607.8

1000,

6.463

OJQlfl

17J2B

34.04

Canadian Dollar
Belgian Frano 100

0.454

1.222

0.784

2.109

1.990

6.245

200.0

•B57.B

6,409

- 14.95

1.683 1 2.161

4j448 1 6.786 ‘

1092.

2958.

1.

8.690

37.17

100.

Financial Times Monday July. 12 19S2

J French
D-mark j Franc

Italian , Belgian Franc

Lira 1 Conv. Fin.

| Danish

Yen | Krona

8*-870

SU-a*

8* -87a

Sis

1411-15

14 ia -15

14 ia-15
15*15*
165.-17*
17*18

18-20 i 13*.14ta
1870-20* 1 151a-14*

20- 20* i 1413-15*

21- 21* ; 1413-1518

3U3-22 15-16

2150-32* '■ 15-16

1410-1 B

1470-15)0

15*-1S*

15rV-l&rir

1510-15*

15-15*

612-65. j 8-91;
650-65. ' 12-13*

6r*-7ri, > 15-16*
7ri.7,» 155. 17*

71.-7* 16Sg-181 8

71 a -7* • 17*-19

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AWrt a iEBurii

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Cm Hldk Dh) 45J

Cm. Iiwnnlianl.- 73.8

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J Finlay Inreirein-.
Accunl ‘a*

J. Firiay W* taco* ,
Finlay WW Enrrqy _.
Acaen. Darts-
J. Flriay Fdm.'

Canrtal G»wth___-__

(tomiflioi) . 35.4

C m i imJ I t y . 5T6

(Acrwwtition' V2S

<l(rh>WmidraHa<) _ 387
Eastern & internad. -“1.9
iWB Wdiw II — C as
Extra Income

J. FI 1 V. 1 v Fd.b

Accum. Units,

Prices on July

30.1

3t7

m

TTH

540

«ia

7. Hat dnding J

Ftamfington Unit Mgt Ltd. (a)
64, london INaflL EC2M5N&

Amor. 4. Gen. 1864

I Atom, limn) pb.4

Am Tamynd BL4

CAco rait at io n)

Fhrenee & Property _ |2S! S

FmiT [1253

Cat & FnnJ W2.4

M.f

fAcomuiatton) hi 8

<8*KWftriadrawan_. 0.1

MpiVteM -1369

. Units)

Capita Tst.

< Accum. Units).

ConwrttMe & GRt _

(Accum Units) 1

Extra IreomeTraa—
InaxneTa

Int.Gnmth F«L-
(Acnxrt Units)-

[Aocumitatlon)

North American

Preference ... .

(AccnrelMtnn) *8.4

SraHer Com panie s _ U 35

■ AcojindaUanl |44.3 .. _

Archway Unit Tst Mgs. LhMaXc}

317, High Hoi bom, WC1V 7NL 01-831 6233

^^4 %^ 7j6

Arkwright Management

Presume Gdnv. Manetusttr 061-834Z332.

AricwrigtatFdJlSy 6- 1100.1 10651 1 4.73

Barclays IMcom LfaLfoXcKfl)

Unicorn Ho. 252 Runnort Rd, E7. 01-534 5544

(Accum. I

33

518

538

b8J>

748

Robert Fraser Trust Mgt Ltd.
28bABK«0rii>St,W.l. 01-4933211

Robt. Fraser IIL TiL 166.7 704| — 4 6JOO

Friends Pm. Trust M ana g ers (aUbXc)
PMnn End, Doridne. TeL 885055

Eaatstfflfc ts

Do-Capftal-

.053
- Ml
.631

® 3

Do. Exempt Tti. 130-2

Do. Extra Ireome . — 3U

Do. Fmaicid 93.4

Da 500 1089

Dev General — 44.9

Dn. Gfll & FuL M. Ire. 478
Do. Ur. Pacific Aoc— . 426
Da GtT. Pacific Ire - 1 15
Da Growth flea 731
Da Inamw Trust — . 1192
Da Prt Auv T«. M.9^

Da Itecowiv, — (667

. Trustee Fund — .

Da Tivstec Fin) (1^84

DaUThtreleTst ]f89

BftsLlaFriAcc. R14J

Da Income —04.5

Baring Brot he rs & Co. LttL
& Bblnsrata EC2N4AE.

Stratton Trmt PTOJ

DaAccan. 13752 3PL.

L91

LM

L64

5.19

ts

528

5.40

6.17

37.WI -«411|

904 +0 2
67 Sc +0.1

mu +ai

161.5 +ai

33l6

1D030 .....

117.0 -01
482 ..... __

49 3 +04 1269

45.T 0.93

451 0.93

736 +02 3.45
mi -02 ' 6JI
385

7L7|+0^ 487
- J -Old 552
5254 +OM 2-0$
12311 -ag S6i
' -ai 581

Finds in Ceart*

Public Trustor, Kingner. WCZ.

Capitol JufyS 051.4 151.'

Grou I nc. Juty 8 — — (75,4 7B1«

HlriiYMd Jt»y8 95/

'UrautL foari dt d to maria wrier

1

m

)‘M?p y it w rr|M— ^

*71

A

/' f, -*i *, ij

J! - * r

|

BH

0

■ ~'r

1 i _>_'|* JP i j ■ \ — Mi

pjf

^-■’r WfrifiBI

im,

1

Saul ■ til
TtuHse — .

mri-o.ii

ltud

Grit & Fnt ire. Inc..-

HripiRmim

Ireomr

GfflnSiVSatre. Grth. .159

UK Every lit

Ovmea FwW M

Ebtcpo IW«

tT“EEEiau

Sector Fnwh

Coctmoriry [JM;

Enerev. — ■|i®c

Enriorat-oo Fieri (j). 174.5
Fm.rci8 Sera. — >....1452
McwTe c hnriog/nl-r
Fteri-httemt M M
Inti. BontlFli.™-. — .161-3

m |

658(4081 2-22

Scotbtts Seoertfn LM.

..1*6 *

SconrieW — 1533

Scocsh+rn — 180.0

50.11 +0.11 425

^3^ is

Schrader Unit Tract Msna geri Ltd.

14.JsDresSL.WC2 0705827733

Cspiul tUAT

1 Accum Umt >. —

Income Frri.

(Accum Units)—
On. — -

< Scrum Ums)__

Einpe.—

fe 4

(Accum. iMfts).^ — „ _

Ctaribaref Jriy6«— 968

Ctadfieri July b U6L9

PenjJotl Ex.^Sy5 — U738

ffi.

(Accum Unns)...._.g72
Stroller Ca s [166.7

1 Accum UiSBV

Aiimcan.,

C.T. Unit Managers Ud.
lfe Ffttsbury Orta* EC2M 7QJ.

ffl fJWffl TI MauuUfe Managenrent Ltd.

(Araea Units)-—

Talrre — -

(Acaen. Ureui

Grit & nrrp„ .

(Acaen. Units)-

G.T. Cup. Income 11591

Da Act 12UJ

G-T. Ire Fd. Ua
G.T. LLS.&Gen.

G-T. Wkl.8d.Fd.

G.T. Japai & Gen

G.T. Pern. Ex. Fd ...

G.T. Inti Fund 6l9J

GlT. Far Eat & GervHSlfc
G.T. Tech. & Gth. Fd.^7
G.T. Einacp FM-IM8

17LI +11
2Z7.1 +53
207 J +06
2BB1 -0A
1043
1148 -Ol!
362J +l3
235.7 -19

952 -OS

Hitf

S3

980

L20

am

080

2.70

no
210
ffl.70
3. DO

SL CwplU*, Stw enaga
GWARcd Itn. M8

Sowth Units HZZW2

043896101
429
418

Ma yf to wcr Management Ca. Ltd.

14-18L Gramm SL.EC2V7AU. 0-6068099

USS^fcSffi" 5a vd if

lreri.Jt«»29 B4J 5721 .—J 449

Ausanlnn JUS

(Accum Umtsft *1.4

Srigremr a tiWjy - J* *

(Acaen UritO 446

*P 8. C FA June 29— 2S7.B
•Recovery July Wl7

1792ri +03
237.8 +08
265(M-Ll

Wrf -L«

SSY

Vtl

499

501

648

231 -Oii
29J -oii
1792* +04
IMU! +04
55S -LA
55.7 -LO
Mi +o|
536 +09
527 +ON
574 +04
MB +041
44.9 +04
47.7* -OS
471 -55)

2772
324.1
5ZL4
1191

283

28)

JW

TB

3.97

3.97

AM

418

LB

1.72

DB6

086

023

!»

z3

L3l

*3

4J9

i5

Next wb. dpr it* 13 By 12
Bahapsgate Progressive Mgmt. Ca
Stuck Exctrew Ltndre ECZN H13. 01-5686280

McAnaHy Fund Management Ltd.

Reds Hso, KlnB VMIIam St, ESA 01-6Z34951

j . 11 . .i in n u L DHjJtiHnc.Ta. Aec. .136.7 39.11 J 938

(0277)227300 De&i Inc. Tst- hx— 1»4 260ri J 938

5051 — J 533 Glen Fond Acc JU48 is3 ..-.J 41

Glen fired Inc. —177.7 BJ| .— 1 4.17

Gartmore Fupd Managers UXa) „ ..

2 sl MreyAxs. EH3AB8R 00-6256114 Mencap Utrit Trurt bfogrs Ltd fhXcXg)

& & A. Trust (a) (g)
.5 Rayleigh teal Bren t wood
G.&A 147J

3.10

110

LB)

LBO

Prog **JBre29.p765
ArellriB -Joire29. B92
BVplJd)6.~ 3314

Aca* JuhrS. 3904 _

Bed Are Inti. Caa*- UD.7 107 L.

Nredbi. day JWy 20. “ Jotf 11 “Weridr deoDnas.
Briugt Fim M anag ers (a)(c)

Begti Hje, lOng WHTum Sl. EC4. Ql-6234951

Deriuxi Octyr 00^23 5766HB06

Americ a n Trot P7-5 40.44 +0-11

Australun Trust.— 163
BritRfi Tjt. (Acc.) 105u5

Briush Tst <Dt?t.) — 1011
Commodity Share— — 33.9
Ettaa Ireare g.1

Far East TRat
GHtTrvst

®3‘

Amer.Geat.

1314

Capital Ire*..

Cnf.'^Strery I re t | 2l 6
DaAccJ;— — .... -W-*

3tg —
603

558 -™
67.7 —
366.G —
Z3J
295

189

T.n

33}

134

663

168

368

Special Sits. TsL 392

UKSm. Go. Dec. Dial. [293

178 -0.fi
1115 +a|

ioft7 +53
365* +055

tUrf +021 12.D9

HUt Income Tst__ 1514 621 924

Income Ft/id 90.7 97 Jb 751

Ins. Ageretra £1730 IB^b +005 567
Inc & Grth- Ennis*.. 1226 1517 +06 664

IntLTa. (flux-1— 483 8J +02 LSI

Irrtt. Tvt-fDtO.). 476 513 +02 LSI

Japan Truo. P».l 3L3q +55J 0.43

Urirem the, 252 Ronrfonl Rd E7. DL5M5S44
Mencap |4tX 5L7I —4 629

Many Fund M a n ag ers Ltd.

» CrestamSu ECZP 2E&
Got Are '

.11320

ExpL Otet. July 7 [85.1

ExpLAcc. JU|y7.
Gltt Fund.

01-6004555
45B +031 143
1405 +0.1 3.43

MU -02 7.40
8B8* -Q2 1M
1052* -OS 104

686 A 09

1227 489

" +06 —

Fer tax ttwp huh criy.

Scottish Amicable hut Mngrs. Ltd.

150 St Vincent St. Ow*. 0414482325

Evilly Tnm Accum. -IU 3 1 21 31 ... J 147

Scottish Equitable Fund Mpn. Ltd.
28St.AMbewiSn Erinburtfi 031-5569101

Income Uren ,-|67.1 7L4 1 512

Scottish VAdavn" Fund Management
P.0. Box 902, Erinbixrii EH16 5BU 0314356000
PeVL^antt JUy9 — [960 10131 -MU] -

SIMCO Money Funds
66, Careon Street, EC4NME
simco Call Fmtr — UOGO
SI MCO 7-Oa* Finrif .1100.0

SIUC05 W.l7dariT-WSSlm8 .

ttiftrerfhortsed— Cath Dtpavt Funis.

Stewart Unit Tst M»ia«an LtaL(a)

01-2361425

-(81*2263271

RBdtand Bank Graop
Unit Trivt Mimnen Lid.
GnrDTCod Hoow, Sttwr Street. Head

Dorfire *Tue . SWei t T iers
inks Job 61778.

Brit a nnia Ejx. of Unit Trusts Ltd. (aKcXs)
Saftfetay House,.3L Flrebury tt m L ondon EC2
01-636 0478/0479 or 01-588 Z777

UK Snertrifat Rush
Assets

R eenrery —
SmaHerCos

Scwc.MH.9is.
UK Blue Crip

Income Arik

Nre. Hrehlnc.

Extra Inc.

ire & Growth

cut

Prei

m^+oj

^|4 j +g~7

Knrinqun Jbne 30 _|

1 Accum Umts) —

Br gn. H.Y.3jty8
(Acorn Units) —
Barrnta GtilJriy6-
(AecwvUnttsl
BarratnSJriy

(Acaen. IWls)

Enfem.Juty6

Gavxtt (John)

77 London <to«.E£2
Sto utf iofc fcn Jriy 9—

Da Acoen. UnK I _

St. Euippni Jriy 9—1586 6L
Ifen tfe/lng Mr 3X

TO: 074279842

ICON

inu

hls

JTR1

26L3 ...m
AM -019

113

2.72

Grineson Management Co. Ltd.

59 Gresham Street ECZP ZDS 01-6064433

Umm Urito)___;

Graoochstr. Jri/9

(Accum. Unhs)

Ln. and Brass Jww 30.
(Acoan. Unhsl

I

87J

Do. Acre— . . . — mil
Ranald Pndfl r ..E fs

DaAcn.-^— \b*7.

North Ararton .[44.7

hn-Arr. _... W )

GtowQi.

148.9

1603

•Prlcai at J b 9L Meet deaSoo

Minster FUnd Mb na gen

■r SC. EC4R 9BH 01-623 1050

45, Charlotte So. Edhrfwrri^

t American Fund _l?4 8

Accum Urkcv 1024

WUtarawri Units — 7o_7

*entRtt Cjwi-J 2013

Acnua Units 2413

"European F un d-..- 78-4 _ _ - _

Deri. ITOs. 6 FI*. *W«V •+**«. 6 Dir.

Sun Affiance Food Man a gement lift.

Son Alttancr Kse, Hoolam 04Q364141

Equity Jtne 9 K39J0 376.70 ...J 425

TheFaml Fred— (139.9 l«t« +04 4J5

Swiss Life Pen. TsL Man. Co. LtiMsXO
9-12 Cherexide, London, EC2V 6AI_ 01-2363841

Equity DhL*_ H323.» 1317

Etjtnty Acc-* J UJJ9B 14L7

FhMlM. DtsLt (£98*3 10241

Fixed Ire. Acfct KUL69 115.74. ^

•Ptkm oa Jdj L'Mnt deaKnu July _
IPricm m Jtiy 7. New ftalwg Aug. *■

Target TsL Mngrs. Ltd. (a) (g)

3L GmiwnSw E.U. DosKrws 0296 W4L
CuniiuSfy — .1359

Eneray—.
GoWHind I

MIO

Am Smrifer Cos— 60-7

Am. Sore Sits. 390

Far Ean 27.4

Hong Kg. Perhince— 1262
Inti. Growth-... ■■

Japan Perf.TtiL..

Casual Are.

.I75J8

Guiiiil & Ind U-l

Donewc 482

Growth 976,

Professional m3

StveW — 552

GaanHan Rsyri Ex. Unft Mgra. Ltd.

Aiyri Exchange, EC3P3DN 01-6288011

(aglGuanMITn — 0*0-9 14643 +071 438

Mtaster lha, Arthur

Barret Jirie 30 1

Gori Fundi
Financial.

GUt Crete*.
Gflt income .

1922

Henderson Adm in i stratio n (a ] < 00 (c)
Premier UT Attefc, & fe M p .
Brwne^xjrf, Esso.

ILK.

W-A Unit Tiust MnvmL Ltd.

Od»ieea Strew, SW1A9LIG. 01-2228UT

MLAUaft* (UB8 30691 — 4 173

Murray Johnstone UT. MgnL (a)

161 Hope Street. Oasgow, G2 2UH. 04L-2Z1 5521

I m e SMiw n t Trust 500

Special Sftuation 362

American Erie 367

U.S. Sod. Bond F&_ Z3.Q
Mrimia&Snrere-. 1R4

Pacific Income 36S

Pad Ac Re lm 42.7

WorWwHe Capftal — SS.6

Inowre 28 S

Extra Income SB.7

Exernx |1«L9

E». tAcLdn 356 ....

Brawn Shipley & Cp. Ltd. UXg)

Harlareh Hie. Haywvth HDv Sx- 0044-458144.

ipgh Iren Mi

Ire&Gnnwn 147.9

(Accum. IWtsi — — (815
Wriilnwre-— — 1 707
Extra Inc. — 162.1

86 Urits June 29.-
86. Accum June 29.
Rnanoal

12BL4

W184

sn/i

Smaller CtH- Dhr- tel

Pref. A ca t p n

Gtit Trust K2*

Growth Aerom..
Growth Income.
Htqh Income

Index.

Nmo Ameri ca n .
grtew-— _

Mutual Unit Ttwt Managers (e)(g)
teced &. Aveft Stomfletd St, EG2. 01-638 39U-2.

IS

mM 1 %

Preference STOrc.^.. 1L6

Equity — 5L2

Pro fe s si o na l July 7.. S 2
Eouity Ex. JUr 7 ,[?9a5

33J

317

68 ij +og

360d +ofi

6Lri +14,
ioad-o.7j

si!

9^o -all

wi
393

•ii .... ,

501 +<x«j igw

2.77

L53

765

765

469

3^5

149

063

5$

1119

S

656

656

Eq^. Ex. Are iw: 30.(4981
Trades Union Unft Tiust Mutagen
100, IMred Street. 8C2- 01-6288011

■TlJUTJriyl 1654 694 _...) 637

1286

L32.9

tes.9

BL9

Budocaster Man ag e ment Co- LhL
The Stock Exrisoiqa EG2P2JT. 01-5882868

BndcTwm Fd July S-BL1

AreumUrtaJulya-.

CunTFU. Juty 7 !

Accum Units Jwi30|

Marlboro FcL.A*y6_

(Aram Uts.) Jrfv6.

National Provident lav. Mngrs. Ltd.

48 Grecectxrch SL, EC3P 3HH. 016234200
NPIGth.Un.TO. [783 788-041 5.70

II a

ratee So*. Oea«

North toner. 157.4

American Smaller — W? 0
Amer. Recury. TO -4507

Sorir. Co's Fd. 6Sy9.

Uts.) Ariy 9-1

£135.9

Ufe Unit Trust Mngrs. Ltd.

26 High St, Patten Bar, Hens. P. Bar 51122

Caa Geo Ota. _W9J» 525+03 469

Da Gro. Accum TO.1 73.fl +53 469

Oj. Iianr Din — — 1364 SIS +03 869

Da Inc. Accum p®. 8 * 643 +03 .869

G4l & Fnt lm. Trust. J265 Z7.9I +Ofl 1L94

Cannon Fmad Managera Ltd. (z)

L Otp re te W fc p, Werrhrty HAP ONE, 0 1-4028876

5S3S31 iB

Capri (James) Ptogt. Ltd.

100, OW Brood St, BC2N1B0. . 014886010
Capital 026.9 135.11 — J 2L36

11

Carr, Setag Unit Trust Manyrnb)
57(68 Princess Su Manchoter 061-2365685

Carr, SetaaCre FU..|44g 468-0.11 3.87

Carr.Setaglnc.F(l.J2M 3LH -OjJ 8.41

,CaT Se^Far EajCn. [227 2L9( 7“ 1£7

Cent. Bd- of Fin. of Church of England#
77 London Wifl, EC2N 1D8. 015881815

In*. Ford Jure 30 19430 I — J 5.91

Fud.lnt-Scie .Acw M 108.95 ... .3 1313

Dtp. Forf. Qir- Jroe30-I - 1 i 1100

Charinco Charities N/R Fund^

15: MeergaK, Lemtai, EC3. 01-6384121

Inerene Jd»30 1 12281 [ ... .1 1205

OaA c BMi. 1 25033 i — J 12J35

CtaritfaB Official Invest. Fund#

77 London WM.EC2N IDS. 01-5831815

a l — | 746

Hrtt Inaiae Ibl.

Star. Cos- A) —

E u rop ean Juty 9.

Japan Jufy 9. 1204

North Amur. My 9_ 172.7
Oallal Tnchrtaqqy — 1DL1
Pacttic Ej*niptTs_(w6

H aUemd Westrnimter (a)
16L Cheapsh)*, H2V6CU.

Caortri (Accum) QD52

a77 Growth InZZHZ^J) *

tan*-, .476

JreMes^Rac. Gtit.M20

saustftT^

Transatlantic and Gen. Secs, (c) (j)
91-991 Newr London tet, Chrimford. 0245-51651

jeififcrBfc i

Si;

Fielding he- July B™ 104.4 lioj

(Aocnra Units] 171 5 117J

V»K)d. M. V. Jutyf, .. Ml 73 7

VSnod-Tst JUne 30^ 5LO 544
(Accum unitsl 65.7 70.1

Wcknwjr Jul+8 B3 9 84.1

(Accum Units) 1152 12L2

WWoroor Dhr. July 9 72.4 -161 +lj)|

(Accum (Mts)_JL 1082 llii) +L«

467

MSL Tired bhnag ir s Ltd. (a) (g)

MBton Cart, Dondag, Surrey. 0306687766

H=diiS

462

Hexagon Sendees Ltd.

■4CL&. Hdem, London EC3>3EP dU99.009« Martfaaatt IMtTknrt
Brewrtn loti. Gr. loc— 14&3 SUM — J MB SlMogS ^roRMO

MiH Samred Urat Tst. Mgn.T W (KSuSS 1 _irjio&

SSbSSS B y

.WkWiKe)

ft. sa^s^aassf- *

Sc^. Units) — w »02 +vS tS

Income 956 — OZs IBtSO

Oi6 2«a -Xri uim

(Accum i w 9 iaib

Exerret-

(13L4

45B«dtSL.EC2P2LX

(b) British Trust MIO

<b) CspstaS Trmt ___ 393

<g)MJar Trust 926

<3) 1 mnreiim Trim _ 236

to) Far EmL 39.9

(b) Pimndri Trass _ 1326
(blGrit & FnL Ire. TO. ST
(bKUItF.I.GraMh— 286
lb) HteBYieWTst— 266

(ti)lccame Trust 28.7

(ti taiTtva. 4Z3

lq) Ms. tea rt aHt. 2a9

te) SecnritvTruri S9

SW». TO — *J.l
■ 1SC17U.

fb)

567

567

MfowUi Unfam Insuranct Grom fb)

PJL tot 4, .Norwich, WH 3 W. 060322200

CrauoTO Fund (505.9 53251 +0-21 849

Ftert Ttaw MaiMOT Ltd. (s («X»

sro, WOV7

232 HWi Hribom,
Pearl Growth W.
Accum Urtts
Pofloc.

01-4058441

l Atxraa Unto). ~_[966
Far Eastern

C Accum. Unto)..

Gift Inoorre

cAcnm. Units)

Natural Reuwrore^,|us,9

Aeon. Units |lh6.+

Scot. I

FlOcaa Units Admin. Ltd. (gXx) :

f> ^r ctx ^ W»«6«ta-. 061-2365665

PuUtaiUnlt, 11356 195.91 +031 4.76

HK IMt Trust Managers Ltd, (ai)

3R*ftridft«,0MJ!wBQ__ OLSUm 1 f ftnprtnri IMt Tnret Mngmt (a) M

520 Ufa- WSB j5rii Gwdi.jiS 1 *

■ __ 'Accum. Urtts'~ (1026 1D9H

Ufa. WaB Ex-lnc-GwthJ227

lAcont. Units) _43R5

Lda Mbri Fro. Pri'Qr. 220

lAcaerx Unto)

td*W>IIHHnePmy_

Idlt.UUafl Inti.

Lflo. wan S ec. Sits..

256« -0-_ „ _

5 ob

M2J .... 5.0®

673^ -0.1 565

-02 505
+0.3 5.77

714 +o! 177

99 PM +0 1 12 JB

fiailS

-06 10.27
+n>. lb
+6i

5ar ..

sa « -ai
34 +0
39.25 +0j

HKAnvrkanTO C

HK Extra Imxre TO „|%2
HK Far East & Ga TOO&V
HKConrn & Gen.

HK Income TO. ,

HK Marten Lerehn ..

HK Prorate TsL

HKSndrrCa' TttJ
HK Technology TslZT

TOil-Hta

^11

57-9q +03 $30

049126866

JkoaeisJuneBO 1 mn \ .ij —

Cliieftafti That M an anm Ltd (a) (g)
33,NMtSt,EC2M«TP.

Soreriauilxl 12SL9

amraHanCti 164

FsrEwtemTOCzL.ffi6
H^h tneon. gu

Tj® Practical Iotml Co. Ltri. (yKc)
f5S y. Btoon rixjry So. WC1AZRA 01-6236893

tare- rare- era- ^

Premfr UT Adnr*i, 5 Rsytosh Ufe Inv. Co. Ltd.

Hri.Tnattel-

Baric flarettesTO ,Kl

Irani Growth Tst [24.1

Pref.&G»TO 119.4

SoriHer CaY Tnta_fe' -l

CtwufcptMi find Managersfg)

57. -63. Princes St, Usttodr.

mi

01-2832632.
154

2-7 — (U 265
351 -dl 123
371 -0.1 U66

39< +0.0 162

371 -0-1 2.79

26.1 -<U &»

Zll 1482

M.7d M_. 362

O rerewood. Emw

2BV»l»9W9rit.eC2.

ProORc Far East

PraUflcGHtCre.

Prolific HUi loc

Investmed h fe M geacti Ltd.. (a)’ . gwggejg.

173VltanhhtSuEC2*2AB. ' . {0628662b i~i

taftSAatn a

lL,_ . — a

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01-2476533

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'tinawNrrasMioli Dquk F«h.

TSB Unit Trusts (b) (c) (y)

SPU ik.

BatgH—wa

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Da Accum. — 948

TSB looonte-u™™^ 801

MS&

Do-Ataia 1413

TS0Sc4tthte-™._ 1221

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787

t«

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LM. (a).<b) (c)

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Income..

Canfedcratfon Fireds Mgt lid. (a)

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Growth Fund J786 S2N J 450

CnagMoMt Unit Tst Mgra. Ltd.

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31-45 Greriiim Street EC2 QL60041T7

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WUbter Growth _^J44.6
Unit Trust Account &
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089222271
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47S

NOTES

Prkci Are In petce unlea etiwndM todared reri

^ 1° «"*l* trim is U.S.
Mn Vleld^ itin^ lav atom) aftsirter ail
ttepna. a g Wtt a Offered price* to*** t#

trtSBarTajrsrx.-

hmrnsten tree of UK taxes. > Mtadc

E*2S. **S22!, * suttee fttaihmt

fawn mta a; Offered pric e I rajuto aH ereena
* 5 c«iiiaoent :i oMwta lMi.y Offered price tectefts

rferembb^throughirerageRJI Pretere

tt toy rerettabte t» ctaHtM4* bpteeu

I - i

.-ft

1

/

B'P'ffS

fg^D^FT-i' SHARE INFORMATION

SERVICES!!^:

LOAN S — Continued

I Price lint] YW tiMtmH I I lUtfl n* I inai DMcnb j I

* I s { ri | taL | Red. mi | Stack | Prica ri 1 W |Pw|ft'*|pfc Ml | Stock | Wa

Financial to juMBcwnsNctoQl^ S — S?

aBl d3 ft s »3v? NH«* at wra-saS- *8

BANKS & H.P.— Cont. CHEMICALS, PLASTICS— Cont ENGINEERING— Continued

i ** u"?iswki« -an M i «.!■?[ s wki* -a*. i « uivibwb

tV-.-- . .

iijflr-. • > -

| $8;’; T 5 *

BRITISH FUNDS

Price I Lari] YW -
■5 | *J | hi | Bed.

“Shorts” (Lives 171 to Five Years)

EWt 9jOX vsjz
Esxn. 3*roc 1933
Eas.3pcl9B3u.

33=1«B- 9??;

j9«pet3». 977-^d

Exch. 1313* ^ 101%

Exch. ICoc 1533.

FumJng 5131c ’82-S^S

E3ch.llidCCl9S4._J

Etttoaoer 14 k. 1*384-] 102%

Each. 3pc 1984 I WS.

_ reasury 12pc 1984
SAug at treasury ISpc 1935
22S 22Mar Exch. 123c Cm. *85
■21N 21My Treasury 3pc 1985
15Jan lSJil Treasury 11>3 x 19S
22Mw 22N Exch. 12tjpc 1985
25 ten. Z5F Essh.U31 s pc 1 8&„

19N WMay Treasury 3pc 198b
12D 12JunlTreasurv 12pc 73b.

tW
t«B. 12^ ■8b 1 GQpdM
Each. 14cc 198b™-
Exeh. 13>4 fc 1987 — I lOO^nl
lM3^Fundng6 1 3K ■£&87tt| 85%

832 1243
887 1251
3-15 16.72
1203 1226
9.45 n 53
13.32 3Z27
1029 1L43
5.77 “ —
1138
1XW
. 334
U ft 1227
1811437
14311223
154
1X81
1242
1233
349

Nw. HfMh 72 W«3 L5 94(84) ta-. Not. »«£■ ggt 9r

11 BB May Nw. Clive DEDtZfe 25 314 L6 — 9J — Fell. An W.596«.£L 38

1240 Uw Cnm > 8jkDM10 615 6 — — — — Feb. Aug. lot- Paint 207

gg *S5. nUjScXrtM 900 V am - ua - to nZ.imu*s* w

1440 Jem. Aar. Daws (G. RJ_ 5b 25.1 — — — — Jan July Le*3« ln»5p_. 80

M40 May D^WMBL O&j Vi 03Mi - fu - - SMxte 181 J life 38

Mar. , Aog.DiaibarGip.EL 596 l£|rf 5 5J U 154 — NmlAA/SV QOS 1 !

1340 2une Nov. First NaLlOp-. 35 974 — — — 26 Feb. July Pfei 10p_ — 1X7

14 jn — Do.wms.75® 31a — — — — — Apr. Septaiisomwjn.llk> J®

14JB June Dec GwrardNafrt-. 270 Bi 1575 — 83 — Kby Nor. RentrtiJ life— 3J6

d -ij- „ . .. Mar. Aug Gillen Bros. £X 352 13 8.75 — 87 — Apr. Nw. ScttAg IntLEi. 382

Building Societies Ami GaxfeDXtfry5p 39 U OJB — 37 — Feb. Nw. SWWPUKfcs- 147

Nafnide 14 %k 11882 100 3314.75 3A48 NwZApril GiiWfcvs-™ 190 13 4-L3 2,9 3313* May tx*

Dal4Xrac25&82. 100 17J 14’ 5 143b Mar- Nw. Grimes Peat- 48 2BL! 140 — t — No*. May WfoHaamrne- 125

££££££: £g£ SS £ ftKIEfc: IT = %- m ' ® !S?=L -

£%%%£%: £ = &§ S ^US£S *B - £ - DRAPERY AND STORES

z gg US Si SPSS’S: “ B ™ = m - ^ S S3* 07 “1“

Da. 14%pc 143.83. 100% - 1423 14LS& May No*. W-slnworl B-L - a2 W 100 — 6.7 — Jriy 5S - 52£S^S“&r S — ' ~

Do. 14>S 4.4831 lflS - 1423 14 K. Au* Apr. UoyrisO .— -■ ^ U 2138 ^ ^r. “;Anto^r» M ^ Tm a

Do. 143*x 25-4.83_ 300% - 1468 1407 Mar tia. tfanwn Fm. 20p . « 194 237 18 |4 98 Aa. Jw A^aBCBMfl 5p. » H.J 2» 1« S

ft, 13^2^-. oo.^.ESfc if aiio uiil s> J ”-_ J ” s SA^= (3, 23 ^ M’S

!EIGN BONDS & RAILS 5 JSSSS2 ^ & J * l *. J * SSSlS# % ^ & ist

« I TlflKIS S KKSeca 3 ||d| Ht

FnrinMbftd.xdd-Anri - June Ottmi Bnk £20 £50 37 Q«B6 — 80 — January BoHan Tew, 5p M SJ1 03 — S

ftrAncggagasee gwlteues. ^ ft^BtofScoL 99 17J 15.4 55 70 28 J*. Bremner « M2 43 M 16

o May to . SdmxlersO 410 1SJ 135 — 4.7 — Jan. July B iL Home SSm.- 149 17-5 4.75 Zi 4

Da5ocl9li~ 7 I ” Z -Wa July SecCnrOe MC£1 200*c 17ihvl5J5 — U-2 — Wx Aog BrowttN)2ap. 324 216 60 23 6

7 _ I - _RU^Ag.l6 Sec-PadficCorp. 09 29.4 0S2.4a - 7.0- Mar. tog ButonGm-MP- 379 M 65 26 S

&1 Mw Nm. Adwest Grotto— 287

Od. Apr. Altai W.C 37 288 B.11

Frt. Aug tadsvS’dyrit- 232*d MM
Oct May Adi & Lacy 335 2*3 2*5

Jm. July AjtBnSW 31

FA. Sept Assoc. Tod ina- 54 212(446
Od. Apr. Astra tafLlOp 9

May Nw AbwaHMs 34

.financial Times Monday July U 1982

FOOD, GROCERIES — Cont^B

■ »a* j « m. f I h.

NG-Continued S-f® ~ T A B? # S?

. -« eft on Ja". AprH*™;™-^ 84 5?9 rj

62 IjfauMfc

1 2W I 53 I ^ % 7 | l 9 S. 5 wl|t«co5d.

* 65 L ft'

tar. Oct. AutklUtonesl. 60 UUO

No*. M4 BAeocfc IntL— 302 1M 74

. April Ballty (C. HJ— 6 3« -

FA. Ata.BdtaPdk.5tar 9W J3 51
May Nk 3wt>CUh.20p- 58

Not. May Barton Gm. .— 26

May Dec. Beaufort lOp — 44

FA. • Od Efcvan (D.FJ 5p K

Mar. SepL BimOdtaalcast 27%

Jan. Sept arngton. Mini . 168
Am F&|ff!amPdtalta «

3F. 8 AugJfiafwide 14 %k 11442
17F.25 Augj Dol1«*sc 25&82.
21 Mar. m3 Da 15%pc 29.9.02 .
19 Am 27 C Dal£A*e27.1£l82_
16 May 24 NJ Dal5^x24.1I82_
7 June 13 U Do. 15%pc 130282-
— 1 Da.3fiUpcl7.la3.

053 9 88 9

&F U1U
74 U 9.E

2% ;f 4 jsl jm
H 74 «r.

107 -

UtartBtaute.(U3 5^5=5

rfWp.lft> 57

M J IM

gs m

ortStal 44
KE3FJ5P 32

51 4 74 4 Ore

S3 2J Si C6P Aar.
24 3J 313 W gee-
21 54 64 5.9 A r.
dues -101 - Aj*.
1.5 311. 74

»f IlL 3 * ffif-

FORES mxfcttHdBtartiafcJw M?J? - HI" a-**

i uiu—J Jm DbBUwUHAr- 24 19! 145 — 7.4 — tar.

"iM-.a sasiS jg s £81, SF^

fad- St EBSat’B «4 |5 &

HOTELS AND CATERERS

* *“ *<

FOREIGN BONDS & RAILS

Urec I I Pita I last] Dhr % I ItaL

Dm I SlnA j £ | d | Gras J 1WI

For Anofogasta see " Recent taues."

— JChtoese4i9clS9e 31 - — ] —

30M Da. 5pc 1912 _ 9 - - —

IJ Do.Spcl913„ 7 - - —

— Da 5pc *25 Bcwer 7 - - —

HI Greek 7pc Ass. _ 43 45 3% 81

1A| DnfpcSsto-Aa 41 £2 3 7.5

Do4pc Mixed Ass.

7.7 — J_66 — Jan.
24.0 15103 34 —

Q7iyK25^(DJ — Abb.
d0VK255d44 — Jan.

Ante [fey 3* 34 m BW.9 -

Ag*M0tati5p. » »<|K 3.

Da'A'ta 29 19! 245 X‘

^Asprty- OD% HI 35.0 4J

Bdv^SK.10p 107 ECUS U
BartenSMslfe 22 17i L7 U

- J«L

Uo

QZ2c 3J 93 35 Jm.
232 53 82 25 FA.

040% — 84 — Jan
ISA 55 74 24 Jm.
135 _ 4.7 — Jan.

hl575 — 13-2 — FA
052-40 — 7.0 — Mar.

Jbne BwfcUJ'A-- 73 7^0238 2'

Bentdblta 36 30.4 15

Boantam KD5p. 4 388 025

Batten Text. 5p 34 3J1 05

Brenwer 40 132 A3

BiL Humean-- 149 Bi 4.75

Brawn (N)20p- 324 21i 64

Burton Grp-Sta- 379 76 65

— 64 toiesber

47 ZU 165 61 22 92 M« Ocl BritAharinmiSta 38

22 173 3.7 15111 (7-6) July mil Northrao- 37

73 76 6238 2! 46185 Jan. Am Brit. Swam 2“ ®

36 30.4 15 20 60103 Jto FA Brackhuuse 26

4 m 025 25 M 64 fti Nw. BronrtCaalta- «

34 SJ3 05 — 5J — to*. Mn Bronx Eng. lOp 20B 2

40 -732 43 ii 166 Mac JU, Brack* Tool — 14

.49 Bi 4.75 Zi 46 114 Jm. Od Sntafl VR5Qp- 73

24 ZU 64 23 6.9 91 Ape Aug Brawn&ltem? 34Ld

79 76 65 | 26 52 MSI Apr. SepL Brown (John)- 50

33 2a? aoa — — - SepL M V. Bulloaghzap— 192

22 3 ML75 / 13 114(93) Afar Ura. SunyesPmd-. 55 ,

tee,

SSS T|m( - l-ri- iBBssiiwsa*.

f fw? g .SlSSSJfife

1361 2346 30J
13.17 13.06 3U
7.76 1 10.32 lOJa

Rve to Rfteen Years u

I 3921 8.92
13)31 57 1333 1A
3-L 923 11-78 305

1731 Vim. 1A id Do V Mixed.

1149 May lH Hung. -24 As .
124S 1287 3QN 31MI

3h SJA

3 751

2 640

a. <857

14Ja_ 14JuljTressury 3pc 1987
3 May 3N]TreEs. 3^*1937
26kd 26JaTr3car'7>43;^SSat;.

Tranrpert 3oc r 7B-83
“reasiry lllgK 19E9.
reasury 5pc ’66-B9..I
rrssuv Upc 19%t?_|

EedL 12laie 1990—1
hssury S«pc ■H7-9tJtf.
reasury 12Upc 1993
50CL SApJFBnfirg 53jpc -87-51#

25A0. SCd. Exch. Upc 1991.

22JiH. 22Ja. Treasur 12^pc ’92#-
ZlAug. ZlFh T mjiury lOpc 1992
25 Rl 25Aug. Exch- 12>«c *92
22 Mar. 22SjExdw*ier 13»3Jc

reasurw

15Mar, 153|Funmng tpcl993tt
23Mav 25N[Trees*y ISrfc l“3ta
IS 1 MarjTre2suryl4i3)c , 9^_

270 Z7AcfExcheauer 13-' yr: 1994
22F SZAiigtExch. 12kyc 19?4_.

17May 17«Treosury ■94#;

25Jul 2SJaTreciu.-y 12nc *95
IN lftteylGas 3pc -=0/95 —

ZLia 2LU|Exch. 101^x1995— I
15May 15fihrexm 12^-95**^ 97%

22JU. 22Jd Tre».i^x-%. 101^

15S 15kl3rlTresEury 9 c •92'%#.. T7h

3N 3M«h , rrasiayl5>«c'9b#- 1121a

15N lSWay EtctetjiW 13Upc -9srt- 100>4

lAp lCcufr*n*toa3pcl°3b-% 46

22M 2HafTre%ayl3UpC97#.. 98*3tal

21Aug ZlflEwtaaier 1013x1997 36%

31D I retail blje -8388 67

3U Eb. 141XC La. 2016. S9Urf

lOJIfAndTUpc-Sl®. ^ ; «I
IS Da %tpc -91-% - 73%

ID Japan 4pc 30 As 231
310 Da6pc-83^8- 67W

10 Peru As. 2007 _ 161

38 L4 2 5.40

Sal 15 A <857

99%M 9LU 15 1551

67 4J2 6% 1543

89Ual 7J 14* ? 3634

15 1551 | A. Jy.

?s?5 .r.

Aug. OcLStanirt dart £2. 398 Ml ft 2467 52 09 59 Owe ae&CarfaCSJlta » L 7f i H

j5» Trade Dm. S150 $25 176 MS 140 - 56 — M. Apr. Owdi. — 1® 293 85 I t

Sew. Jus Unton Disc O. „ 450 162 260 — 85 — tor. July Cbnfa. Eng. 12%p 29 304 305 | 8 3 IbJ

aTj^O Wtefisfi»go$5i Sl% S6Q5L92 — as — W. Fcfa CometGraapSp.. 112 |U dU) 2.7 S.

— WtatatfUr FL5Q. Ob 4$1 — — — — Mareb Cornell Dress 5p- 176 3® — ] — —

Aw. OcL WWni ixin 167 137 355 — 33 — Aprfl Oct Darts ‘A’ — 76 Bi B- * 1

May

4 — _ — — April

55 U 74 92 Apr-

1.0 — 55 - Jan.

225 27 75 9-0

L04 - 72 -

0J5 — ' .7 —

3.0 - AX-
IS} A 7.1 6

425 L9 121(51)

1035 22 80 27 ft*. S

22 95 45 lie

44H7*

if

96 195 -

a 7 ! 147

is»*

INDUSTRIALS (Miscel.)

7>2 1451
9k 1478

*= SS Dec.

35) 42S 963
161 2266 1363 ISA- 1]
721 1104
1359 1362 -

1329 13.76

Pet. Mx 14>2pc -Q6. ttUd L9j 14b I860 peb

Turin 9pc 1991- STS 4j| 4 flZOO {£"

Turin 1964. DM87 1&4 6b 1160 "L

Apr. OcLjWWni i20p_.| 167 | 152(355 ] — I 32] — Am? Od.

Jm Dcl

Hire Purchase, etc. — ,w

24 295 ID 16) 60112 ST ^

£14 2J — 95 — VZ Qr£

Lodi eoLFlnJOp 37 Zli 1253 ZA 90 59 ^ «£]

kkxxgsfetonilQp IB 23.12 LO « 82 0 E 1 S

Ocl Ma-.lPm. Hnandd. 122 153 75 16 86104 Sfl oS

Apr" « 2 3 ^1^9 ^ S

BEERS, WINES AND SPIRITS ^ 3

SepL Mar.lAilled-Lyons — 1 97 ] 761 55 I 1.41 821(7* Apr. o3

8 § >3 jHw ?

1359 1367

vt-n n/a I MaJoSe.De. AnuxSl

F.MytaLN. Itoer. MaSal fe®L SI.
NLAJLF. AflKr.NaLRes.Sl.

— American T.&T.Cb.
JA-LQ. Bode America Cnrpn.
A. J. a Ja: Bankers MY. 510

3653

Over Rfteen Years

^ AME R1 CANS _ BEERS, WINES AND SPIRITS

1465| 13.W Stack 5 d CV Sept Mar.lAilleW^ns— 97 7i| 55 1ft 821(76) ^r!

B"71 F-MvAbJI. Abbott LetasJT Mlz 13fl 84c — 26 ^ ^ Dta - Pr ^ ® K H n

UJJ UFSyA^N. AtoOS 1«U 45 SL80 - 69 ^ ^9 ^ 19.46 26 62 75 t

JH2I32-S *i 5 in Z .5? £' jS Ball Art!® 168 IM 14J2 46 46 72 &.

5HIH12 ^SESsrSS&saa S^SsS_U*« ^ .& gj»

BJB MIS F.MyALlt tar. total M. SI. 12^ 30! » - 23 £* ^ In 7C II

l/LAJLF. AflKr.NK.Res.Sl. IP4 121 $3.00 - 9J ^ gg gorier Brew^ » B5 .2. 20 75 82 to

- American T. 6 T.Cb. 29^ - S5.40 - 96 ** » aSSJffcST 76 ov. 91 bfl fa.

JJU.O BtatAmrtaCurw. 987p 55 S152 - 85 «VL T5J li li Jl ,

A. J. a Jai Bankers N.Y. 5X0 1% 25i $2.05 - 7.4 ^ 1

13.73 D-Mr-hLSP. Benefe Cotp. SB _ 27^ W $352 — 66 ^ 5£?JE£=r |S 5fc

MJeaa Beth Steel S8 — 893p 5J S160 - 9.9 22" it! miinuuS^

JaApJy.a Bnran'q Fer. dfeJ^ 15H, Mi S100 - 3.6 ^ 5ta— XK 1L1 lOK 25 &8 58 Jan.

F-MyAu.N. Bnnswick COpnJl. 31^, 19/ SLOO - 4.7 fu _ Jow r ^, L -S ±7. 7, T q T- ^

FjLZn Bfe ^ 3 S Z go All Frt. Gufaness ._ — 83 2U 4.9 21 £! &C to».

MrjK m UM I Zi Jw. July hftgkfd ffisL20p- 85 19.4 26 2J 4 A Apr.

4 M? _ Z _ Ocl Amlnwroortfan— 1W 19.1 46 3LC 36111 S

KaSjLF aJtoST$4 ill, il xTt 2 Z 71 ta fi£ Irish Dfei.nert- 55 76 t«I5« 3.7 5.8 OcL

ffiCSiF ml 29 C M70 — 86 J-^ApNo*- Macal loo, Glen. 450 15! 649 23 2J Aug.

3343 M/AufiF: %GBLPlf.BSl. lS 29J2 $200 - 66 ^ 223 ^ U H 17 9

I1T.I evil? FHvAiiN nnim«>.P in . QHTn Mil ci m _ 67 J»* Jai. Morland 223 7i 45 2S\_ 2.9 17-9 May

Carfa. Eng. 121a) 29 304 315 83155 — Mar.

Comet Group 5 p- U 2 ZUdU 27 52(83) Jan.
Cornell Dress 5p- 376 3SC - ( — — — Fail.

Courts -A 1 76 15J 57- * 72 « Da

356 304 495 29 45 65 Frt.

UtaMBto 60 - b25 21 6X XL4 July

Oebertrams 69 2611 637 i® 142 Rb.

Dntfarttlfe— 8Z 30.* HLB9 A2U253 Feb.

DtaHB’hDUlta 365 25J 13.49 42 31 96 Jan.

Bla&Gddl5p- 23 Bi 225 li 13.4 49 Aug.

Engwe Stores- 86 175 255 16 42 156 Jm.

Exeoitex 2Qp ID 74 f — — — Feb.

Fine Art Dew. 5p 40 713 36 15IL3 «.« Jan.

FordtM tiaJlOp 22 15J 065 06 42 726 Jar

Fortnbw cr IDp 106 HJ 42 36 5.7 65 tag.

Foster Bros 68 76 355 15 86106 ,Fta

Bnro^PradZ 55 Ml 35> 32 91 42 bhr. Dc

ButterfleUHuy. 35 105 02 — LO -

gs®ta a a « Ja,i -. 0c

g^BiaZ- 48 25J 26 19 7.7 <K0) (ft. Ap

3Sri)Sftl0p. 57 IM 40 U1U 67 Mar. &

Castings lQp — 31 7i 2.A2 J ♦ 112 6 Jan. Am

OBntattlfiHSr 42 M 2.9 | 13 9.9 J4 Odobe,

Cherraing5p — 355 2J t48 Sfi 15 *£A OcUune

C?irt«y Bros. — 24 M - |- — 22 j Dei

Barton Son 50p~ 68 Bi 60 — 126 — OcL Ma

taSSTuOl &: » 2L6 768 * 44 * Sg. Sep

Concentric Ita. 44 7i «51 15 WMOJi flag.
GoofcW.Shef.20 32 111 005 — 60 — Jan. Am

Cooper (Frtlflp- 37 Bi <05 82 12.« — Ntwnta

Cooper lHds.l«J. 8 »i 05 — M — Aar. Od

CronrteGrocm- Bta 2U 05 - 7.9U- H&. Oc

Crown! oust— 75 2 31/ S3 5 15 106|(96) Mj_ Jul

tab. 37»a qafSff -ri , n -«

DO. 4AH, 82 15.- 11*4.7 U a, 14

ACAABK50-. £2«4 5^0 QW< + W *
OcLAGBRewhlta 270 251 t5S 1.7 29

AIM 10a 162 — bdS.75 U 51 146

iSSS^f*: 3 «

“fes&sS H m BKiS

DK SPSS’s: * ”««

uS iS^SiSi 3S0 a; 2.0 « M iu

*pL Amber l«b. 10p- M Si J? |f 2 H4a
AfflliConwer. 180 ?li aO.7 85 «U

22 Z3J1 iL23 tJ 7? -
jer AronrThutlta H 1 ® }Li;« ..

Oct AsMeyh*d.Trt. 36 U Z35 26 1471 U

Ocl AaoaLCanM'A’ 107 2^ ♦— — — I —

|

AUMODds 92 - *20 - All —

Faster Bros— _ 60 7^355 15 81 la6 M. Ott Cttwml orar-_ 75 |USIW Feb.

Frearans 214 M«415 26 &! 95 ' 175 Cumnlw7»94 £50 263 Q3W6 - 75 - CttJta

Getter (AJJ20p. 46 L3 T39 U 122 62 JM. Sept DB*sGawerton_ » H< *65 I 83 22 56 _

Gofofccrg A-ZT 55 76 525 16136112 Oct Apr. Dw&MefATOp. 50 Mi 197 5! 56 37 /&_ |

Goo*aiBr.5p- 12*2 121M 10 — 114 - A«r. Oct DwyCorp. 116 M

firawan _ IDO mU! 21 59 Jan. June Delta Grow — 41*2 Bi 364 1 — 125 — Jan.

&I33SS 5S ll J5S , i3fS2?l8*:
Mgiiaa lat&sau&sa:

jApJy.a ap.c-$*2

F.My.Au-N. CKerpillaril——
FJAyAuN. Chase M-htnJI25.
MrJe6JX Chesobrooqh $1—

MrJnS-D. Chrysler SfAt

MvAilN-F. Citicorp $4

KL51 MyAaN.F. City Irw. $125 _
1303 MyAuALF. Da Cm. Prf . B Si .

^ *3-5 32 3-0 - Aug. Apr. GiewifleUs lOp 32

\2. 21 7.9 &1 May Non. Habitat life M2

635 26 56 M7 Apr Od OiWscQr. 930H1 £212

235 22 61 83 lEy Nnr. Harris Orom. 170

1938 3J 33 122 Oct fcHeetanatUfe 66
1529 68 17127 Ma-. Sept Helene Lon. 10- Wfe

75 25 7-2 67 May Not. HenriquesAlOp 25

1075 25 86 58 Jan. June HepworthUJ lCp 92

4— | — — —> tor. Oct Hollas Grp 5p— 40

*ate.5p- BSfa 123B 3J1 | — 114 — Apr.

mm 100 Mi 42! 20 W Jan.

Untuenal — 480 Mi 1125 32 3.7 1L9 Feb.

;A_ - 475 15i 1125 32 31 117 Mar.

wifletdslOp 32 7i 105 — 22 — Oct

Atat life— M2 Mi u36 14 36 266 Dec.

tacor.eaxn on m oftM - m — Apr.

1341
13.76
1207
13.97
13.43
664 1051

1 tor ISTre-sury S>«e 1997#

27 Ap 270C Exelt 15pe 1997

IN ltovTreaa»yy^c-95J5Btt
30 Mk 3<K Treai 15131c "90tt
20 May 20Nj exch. 22k 1998.—
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26S 26

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US

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15JaTrjasic7 9*3S 1 WJf J ItPgoL

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J9N 19Stey Treaauy lU*ipc 1999.

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25Ja 25Jul Tiros. 13io* 200003. 101’jsl
19S 19 tor Treasury U*jc -Gl-04 1 93

14Ja l-UA Funding 3*.ix *99-04
21tAfly 21N Treasur/ il'3*'(&05,

5Ap 50d Treasury &c -02-0^-
- 22JU 22ljTreagi,-y Uipc 03-07 J

0 JA ta jy COns. Foods SUy, 20
My-AJ&b. Otari- minors S10. 32

=IS ApJyJUa. CrownZ II.S5 llfc

— Damson (SUIS9a4 415p

3LC6 M MrJoSpBc DanaCorp.$l— . Mtod

«*?9 FJULN. Eaton Cm. $050. 14

JJVJLO. EsnurkSl 25%

£35 *2-^ Mr-ktS-D. Exxon II 15**1

20 BUflELU — 5l9 go- ^ T^ ,Iin

® 7J! S3 - 1U g SEffS
S-1i^rliS£

riiii r

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355 76f75

bread ‘A’™ 111 7i 49

. Dudley 218 7i 1S5

Brew'A'SOb- 343 76 75

— — — Mar. Oct Hollas Grp 5o- 40 352 30

13.44 32 49 83 June Not. Hook C harmlta 166 MtBU
72 4 29 * Dec. Juh Houseo# Fraser 152 304 7.0

49 22 84 8M Not. June Nauseofbnse- 9 7 29 . 3 66

26 23 4.4 Apr. Aug. OKsIfiKallife- MW 57 d3-9

40 31 3-6 111 Sept Kean & Scott— 32 661 —

HUMK 3.7 5.8 60 OcL Apr. Ladies Pride 20b. 45 152 14

649 23 21 Aug. Not. Lee Cooper 100 Bi 3-02

207 4 J 32 * lifay Nov. LBierty 132 384 24

45 29 2917.9 May tov. Do.tosWg.Onl 68 “ 24

438 qUTLOfi 76 SepL Apr. Lmcroft It lOp. 30 1S2 LO

— ] — J — — Jan. Ady Lowland Drapery. 13

69 66 Not. Apr. HRFbrffcrelfip 70

63 7.9 Jan. July Marts & Spencer 153

36 126 Feb. July Itordn News— 318

433 4 36 4 Dec.

*56 27121 - Jan.
L4B 0.9 lS?li2 Fib
15 8.« 86 - Jm

3.79 16 61 Ofay

3J) 4 Hi 4 May

£L0 44 26 U 6«e

7.0 li 66 m3 Ocl
66 21 97 69 Ar.

d3-9 27 7.G 1X0 ra.

w. — w. — Jan

3.4 12 105 106 No*.

3.02 6J 43 3.7 June
24 32 2£ 422 May

24 12 SC 2X7 Ofov.

LO I 29 48 82 Jane

Jan.

262 24 53 1&9 Not.

Mr-fcLS-D. Exxon l| 15**d 4i S3. 00 — 163

F. M. A. NL Fm. Carp. Ameriq .[ 70ta 2411 68c - 5.4

Apjy. CUt eraOwago$5_ 873p li $120 — 76

«« J. Ap.Jy.0 Fluor Carp. £5, - 9Z2»nal 13 80c - 48

3?fo MrJe.SH Ftirt Motor S2__ 33*? Z7J0 - — —

MrJoSJ). GATX$% I 14rt 9i S2.40 - 95

H-S Apr. Ocl Gen. Elect $2%.. 37% 46 S320 - 55

BUILDING INDUSTRY,
TIMBER AND ROADS

July Marls & Spencer 153 Bi 46 20 43168 May

July Martin News— 318 7 i 1105 3.6 47 66 Feb.

July Menzles (JJ 220 176 45 47 25 81 Apr.

Nw.MWettsLfib.2ta 316 Bi 46-95 06 86 Apr.
Feb. NSS News lOp. 116 B5 H26 44 32 41 July

Aug Ifthn-GoUsorti. 55 U5 351 XO 9.1 OcL

1X2 OCL Apr, D/si.MeL'A’Kfe. SO 197 5L* JI M Apr. to*. tata*F«£yJlta <£& ** *T - Tu "

tar. Oct Davy Corn. 316 13 f7-37 16 91 (85) Jm Aran Rubbe Q 89 7i TAB — ** —

Jan. June Delta Group — 41*2 Bi 364 — 125 — Jan. jyty BBA Grot® 36 17i X74 10 61

1X9 Feb. Jufy DennsXH-lOp .37 247 — — — — Oct Apr. B.E.T. DefitZ. 162 I t 757 2i 6.7 78

1X7 Mar. Afa Deritend50p— 85 71 75 13 121 Apr. Oct BOCGroop 161 43

— Oct M» Desoutter 86 19* 5.7 X3 95114 _ . £319 2li W% 225 f7i 7

266 Dec. July DownieivaelQp- 17 27K — — — — Mm No*. BTR 322 29A875 21 W W

— Apr. Sto Drta&Sctdil^ 59 13 10 22 73(555 Jirf* Baird (Wn>£l 197 76 1!.* 14 *7-fa

4 Dm Xft^elSetel 1® 293 4+45 X7 46 -^avdseyltfe- M Ji 05 32 2.9 J

— Jan. Srot Edbro(HWgs) - 92 !U| 5.0 4(1 7.8 15 April Barget.— lg W 3.0 31 1.0

181 Feb (E EHiad(8J 40 352 20 - 75 — July to».]Bamn* HepboTO. 28 IV 22 16 1X2(7®

— Jen. Aug. Era Industries- 23*2 137 — — — — Aug Mar? Bah 8. Portland-- 94 13 45 21 6a 94

May Od Evened 23 6Jt B- — — - ilj. & aUmerTrai USSL- m*e 86 0«|c - « r*.

4 May Ocl Exparnet Inti. - SB 19.i 45 at 10.9 Dec. May Beatson CL’rk— MO 293 S.5 36 61 69

93 6ne Dec Rwitw(2W.l. 150 T7J MJ7 - 1 91 - Ffeft. AugBeectani 222 Ji &D L 4i

m3 Ocl Apr. Rfe Indmar — 120 29L3 60 34 71 52 j*. Juh BeMairCotlOp ■ 9 MT73 - — — —

69 far. OttRrthfaMJlta MO li 3.D - 3J - Aug. SentaNfc 21 Ji 05 Xi 3.i •

1X0 ftb. Aug RAtsMbn!v5p -13 BJ 4125 — (13.7 — Sept far. Bensfonb 8S M3 4.0 32 67 50

— Jan AugGEI Irani. 20n- 7W 57 632 4 JlO.7 4 Dec. £& Berwick Tnnpo. 23 26K 20 — 10-1 ~

1IL6 Not. Juk Giton Engllfe 25 581 — — 1 — — fvi m™ BesinbeH. 7 5 19.4 13.0 li 5.8 136

37 !to W Bi 755 xqiDiWJ ^BtotaUJSta" 270 W I&67 35 3X1X2

422 May Dec. Greentiank lOp. 35 Mi 16 !4 65 9.1 oS May BWdfo HkJ^.. 140 » AO 25 92 62

2X7 Nov. June Green's Econ — 123 36i 675 [ 2.91 67 5J xjet. Ua Btfurcated Eng. 37 B.4 CL35 ■— 14 —

82 Jane NwGJtN.0 145 li 80 0.% 7.9 jj*. jm, Britan ai life- 76 7J 5. 27107 J8

— Jan. faq. Habit Pienka 5f 13*a B® — |— — — JanikL IBlacfc Arrow 50p. 38 2311125 U IL U

269 Not. JuKiadan IBB 361 75 / lli 6i 67 May 0O-|Bac*(PI Hfdgs 343 2 j H54 32/ IS 338

168 May NwJHaU Eng. 50p— 152 29i 761' 4X 72 37 Apr. tou]BlimdejJ Psm. 327 152 56 2.9 65 77

££ AP- Oct Gen. Elect $2lj „

® If* MrJu.SH Gillette SI

3fexd 76 9L7Z 1160 F JVLOJd (aiiOini

Jfg Mrjas-o. toUSrsso:

^3 ifS MJLS.D. Hutton IE. F.JSL

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26S 26Mar Treas. IZI3*: WB. 1065a 53 3315 li32 I mSSOiShsoSSc^

lDftter ICS Tresury 5*2? cT3-12S. I 56*4 12 1137 3X77 SjoXa XlntenHtiataB

36U 2 Treasar 64d 21181285 1229 ! ,fjn IL tm I

32 Jun. 12D Exch. 12pc 13-’17

T 3 80c — 48 « «

27^ _ _ _ 'June NOT.lAbadKnConsLJ 218 B57J7

9.d $2.40 — 95 Jan. July Aberthaw tort 340 17.5 1X5

46 $320 — 55 Jan. Jun A Tied Phot life-. 9ae 76 bO-ff

zaq S2J0 - 5.9 — Allied Res 10p~ 15 251 gL33

49 $280 - 9.9 May Not. Aradiffe life- 36 293 266

255X3.40 — 49 Feb. Aug BPB tab. 50p- 420ad - 5.7 105

I- 32 Feb.
_ SJJJbn.

BawendgeE
Bailey Ben:

I S3 56 — 86 May Dec. Barratt Dev. ]

£SL.£&£I&£ MrJe5JX 1. 0. IntenationalB. 631p X251 SLID - 9.7 Feb. Aug Beediwood life 21 2161 15

cS fl 2 y3i?ta 33S JAAa InLTel. ATeLSl 13* 2 75X268 - 110 An. JWy Beta».^ 76 Bi 70

96>4| 65ll260| 2260 FJfaAuN. Kaiser AL 5*3 733p 55] 60c — 45 May OcL Benfort M. life 49 Mi 3J3

I Sn-tatoH NLA.N.M. Lone Star link.- 16 SL90 - 89 M». Aug Bett Bro . 2ta- 50M 67 iD.1

unoatea MaJaSJ). L«U iaaltori5015. lfr 242U8O — 62 tag Oct Btoddeys2ta- 326 B5 7 3

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Urn lAWtaLsnSMt— 2^ 1229 — ApJuOJa Manf. Haa US5730 35*»al 251 SX92 — 184 Oa. ^1&wdonbme„ 174 Mi 7 M3

lAp. 10« Caw.3.2pCblAfL.. 33** 25^1068 — feMyArfl iS V n \ toy Dec gto. ftwtaig.- 32 ZLi 03

5 to SX-tTre^ry -p=£6Ait_ ST* UjllTO — JaAaJy.O. MwgOT(JPIUSS25 28M 1931X3-40 — 6.7 to toy. Brawn. Jcsa 20p a 281 025

SJiAJ.a Cansoh2i3>: 20U l3l238 — iJTto. An. Nanaa Stan hcSl_ MJra 45 $XTO — 5.7 tax ® £6 17

1A lOctjTreasur/ 2‘xx 20** 213 1X79 — Ju.0cJ.A_ Quater0utsUSS5_ 221* 168X160 — 44 Dec. toyj^}««Hkbjs- M4 194 0.9

60 ZU 3-75 84

24 76 1X0 Ofa

278 2S3 0235 3J

21 216 15 X5{

Ott. Aar. Oliver (GJ “A . 335

June Dec Owen Owen - 373

Jan. JlfaRarafisetBl life. 32
4714 Jan. Apr. Petes Stores lOp- 68
48 72 Feb- Oa Potty Pedc5p~ 350
L3 Feb. SepL Preedy (Alfred) 67
21 4 Apr. Dec Puttnsn8&J.5p 56
[06 tiU) January ltanarTen.5p 8
3.6 1X2 Mar. SepL RatuerslOq — 36

&9S.4 tor. Oa RaybeckKfe— 39

E 66 Feb. July Ml Matthew-. 190 Bj 522 J 33 3£ 182 jjy No.

81 Apr. Oct HaUiteSQa 193 JSSULO 53,81 71 May Od

Apr. Sept Ha raant Sp *Fa M2 d0.75 1 XA1L3 67 ^ jut

01 3L Hs-Xf sS 324 1731 93 I SS 43 81 touNm

toL ShuS- 49 1531*338 Lfl 93 St W

92 Jane Dec HapUnstxisSCfe 88 9B| t5.44 33| 9 -2 45 FelyMfeNf

- Not. Mar. Howard Mxhy. 28 2M — -J - — STnct

(651 Mar. QcL Howden Group. 133 295 KO 9« 43 75 An

& iJ is - "■'-“■TOKStt % “ •!

mH57 2ft
35 X§
3JEDL XS
831 64

23 XI

^7^7 , SSSSSS; 1-

Index-Linked & Vanabie Rate _F.MyAoN. Record S5._. sg

L80 - 62 Aug 0a Bfodtleys21fe_ 126 Bi 73 21

48c - 31 Ocl Maytaue Cm** □ 440 38i 175 33

S2.92 - 184 Ocl afa^Breedonlime- 374 19.4 763 XI

SL28 — 49 May Dec Brft. Dredging- 32 Zli 05 4

S3.40 - 67 to Nov.Brown Jtea 20p a m 0JS -

LOS _ 5.7 Jan. JiMBrownl e.„.„ 58 2i 3.7 13

160 _ 4.4 Dec. IfaJ Bryan H«gs— 104 19.4 63.94 36

840 - 52 Aug JardBwwM & Haltan 860sd 57 J40 q5 3

- H ft

— 52 Aug

eJj 76| S’ DeclReedfatoiW 86 M4I3J6
injftam I April Oct S&U Stotts 12*ap. 15 2TS —

a* 751 torch SepL ta29KPI.12^L D 271 -
881681 Feb. July Samel (HI ‘ A'. 89 76 625

8fl55j Dec July Sdincoort 5 p- BR* 2611 844
83 81 ft*. July SrifoWaWSOp. 180 Bi 525

y U Jdy Dec Sonic Sound life. 34# U *448
63186 1 May tov. Stanley AG- 5p S3 2U d25

z 34 ftfr Aos Starflsfet'A 1 . 55d 57 365
ill 4 Apr. Stete*ergl(fe~ 38 101 1802

gjl I Ufa smiezta — ® wu

5*3 64 1 J# - July Tero-Consutae- 48 304 25 1

2d 89 3 l Juntas Prods, life- 21 2L6 L13

^ - Feb. Jrfy UDS Group 69 Zli 36

U52 tat Dec Upton CEJ 'A'-. 24 UHC -

26)114 1 OCL May Vanttm20p— 135 17-5 80

23- toy Not. Wlalker I Jas.1— 42 291 40

1271 <5| tor Not- OaBLV- 39 29: 46

83(5.9) May- Nov. Waring &G0low. 86 291 55

ggUgj ] F. Apr. Ocl WtearweU5p_ 45 SJ3 1X75
68r&0 May Nov. Witasn Watitn. 70 17i d66

-1- Apr. OcL Wooiworiti 48 353 426

Read) cot 5p — j
Reed Austin “A’ |

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OB — 106 Ocl Apr. Burt Boulton £1 380 152 4480 — j

56 - 47 Jan. J^yCtobeyWlOp. 39 U 2.1 X6

Oc — XI Jart. July Care (Jolrt — 91 7i 1168 46

80 — 5i0 May Dec Carnal.— . 21 19.4 83 — 1

*™Ea£h5iF •finflan i & ft a = a ft saas s

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MaJcSeOec TRW Inc KL**__ 287, 115 S260 — 56 July OcL Costaln Group-. 232 Bi 11X0

INT AND O’^EA^ ftntoA«No.TennecoS5 14 22 52.60 - 10-3 July Ott. DaOeftL 220 - -

119 v^ UOLH3 Dec Da 1D% U. Stk. 91-9 95 2313 10% — F5.4 Sept An. Countryside — 133 152 1X85

36 251] 23 2.1 9.1 62 Jan.

39 3^X26 -J 8J — May

16 F8T (U 7ft 85 168 Jam

86 1941X36 1ft 56132 Jan.

Bo.0eW.5p - 5*

315 tov tatl.M.1 50>

(82) Aug Mar. JadcsnJ&HBSp- 52>

QJD Dec Mar. Jowan Eng.— 57
62 Jan. June Jobnson&Rrti 11

— May Oct Jones Slipnan. 42

168 Jam tov LsrtGitna — 1QB

1X2 Jn. Min Labe & EflfetZ 34

I 57 itoj Oct aScVplKM? 343 X H54 191X8

MX JSf Ife bSSSwWX; ^ B5 40 (x«10.4IUD

|B £ fiBCBS S Ut.3 8

Bl to^^BoSttHtaylSta m 175 33.0 17 6i

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« FeMyfarib Bi«4N.Ua2i8 GW* 28 VOM - M -

— Jtriy to , BowMerQ 202 Bi 1X5 XI 8-1(75)

Ji Jm. Aug BrabyLesDeKfe- 57 ZLi 15 1! Xi

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- Oct 130 19.4 57 2-2 63106

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f J ^5 a ^ H is SsSff.^ ii 5

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53355 O

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l3ll3 14
53 36 IX

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3X4 Jan.

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Un read 19

LkiydCF.H.)— 3Uri
Lodger T)5p— I7*j

Oa‘A'5 36*2

M-LloWngs- 305

m to. NwJMJ-loWngs- 305

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117 XI 1D1 65 Sre!

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46 — June Jml MdC drte Bros.. 94

7.4 XO Ott. Apr. MegotttSp— 12

7.7 OcL Apr. Meto&»5p~_ 42

75 Apr. to.Mkfandtafc.5p 54

2U 137
2U 117
MS '6
422 217
Mi 76
304 728
281 —
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1X1 (602 Aug

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^

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g^SoStS' 8

fcEHKSX

May8H.PRn.SA2 390
Jdy Brack St&. lOp 24
June Breda VM.20P. »
Jdy Brawl Brar. Bed 28
Mar. Bsuntons ( Muni- 117
Aug Btirca Dean.— . 28

^irssste a*

li 2 X« 4I 66

_Z. 60 2112 10 0

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20p. 24 76 10 -

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SA2 390 W 040c 21

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Burns AndrtlOp Sad 57 16
MutafiCttmlOB » 175 tflJI

C.R(nf8Ufe- 22 ZU1 X42
CSRAS1-.IL 152 2611 Q18c
bureex2Qp— 56 3X1 402
CawtttgtW:).- 60 3.98

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255 23 85(5.9) May-

d4.0 XU 99(5.9) £ Air. Oatatorw

1110 33 68 50 May NOT-JWiBmsn

1X85 44 42 59

565 L9 73 9j -

1(14 77(831 JWy Jm. Moss Ehg'g
! 91J316 Apr. Ott Neensend-
3 8f 40 June tottoOLtalH
1144 36 May . tov. NewtaW To

(Jas)Hdgs. 26

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Nov. Jriy N.E.I »** Ml 413 2S 65 (921 ftfctagj

SepL Feb. Norton (VtEJ5p. 3*z 78D B— — . — Seuetax*

Mar. Oa HW9ddft*iB5p- 32 L3 888 3J 185 X7

Jag Aug Pegtertotfrtey 204 21i 3875 2i 7.5 67 Sl W?

Dec May Planet Grp life- 31 29J h26 17 91 7.7 jJT Aug

Jaa Jane Porter Chad. Zfe 43 175 035 — 12 - hta JSS

Apr. Aug Pratt (F) 55 351 44 - llS - Ta 'i u ^

v - 4 - £■ $

jpe Industries 96
^raramlntZOp 32

413 10
19 4- 56

IN IfJIRntajrflJijcLfllSSM ICCi* 1424.46 1429 »-fcuSJl TJraeJncSl !£J*

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6N bT.ll Da 13*zpc Ln lSSti 99d 65 33.64 1360 M JS D Unton Carbjd^ 3

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25 AS S340 - 76 „ -

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ELECTRICALS

I O-bJfeJy. |Z^ataCorp.25c.| 878p

CORPORATION LOAN; CANADIANS

30A 310(Saih ll'jpc 1°95 94 3151XC 1361 „ _ , n auZZo

ID lJlBitm'lufli 12>jpc 1985. 97*s 4JH1XC3 1350 r . 'TI « l S? t, Sl?eT

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15M Ui^Cl.isrowS^pcWBZ- 93 953 934 32X4 fc *. MyA * J !L ^£5 L J k J 2 “

IF 1 ftl Herts b-’-ipc 1985-87 77*.-«d 30? 849 1229 Afa fan. Caatocdfo S5.--

14 :dLMdsi?3x2Kto_. 9*?a uJm» mm W Jw DatacWtElOO

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110 11JJ O0.5I3JC ’IS5-K7 — 76 1LS 724 1X08 mptoialOIIII

1DJ.I i03 Dotv^-SB-oO — 60>* 961 1X28 "fl-rir

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2£J 155jS 0 «fcrortJJ < pcl9M. 97H li^lXS 1335

MJe.S.D. Royal Sk. Can. SI

COMMONWEALTH AND *?***.

AFRiT.AN IHANS JfaU>.a fare Can. Pipe-!

SLBO — 9.4 fto- :
| 72c I —1 45 toy
Jag

Mw. S
•fat

961-1117 *%-
— 9 -4 July I

-te s

Dou^as Rata. M_ 75 13 $3-5

•SOortonGip.5p- 5 — —

Eritti 78 M4 40

FaitoaghCans.. 156 175 5 5

67 77 JW» DecjAAOeeOTmg SO I B4|tU *H^®^ajpJ «

— M2 — to-itSKBroSp. 138 | 213 KU75 X3 15 344 Apr. Aug Pratt (F) 55

73112 Oct toyMirCall 295 W 56 36 2.713.4 Apr. toJ PresnridiRartar 28

541 8J5 April Not. Amstrad 230 13 1dX95 51 251U Sept Mar. Priest (Ben) — 24*2

144 July Feb. Arien Elect 23 90 4dL0 — J — Jfa Jan 8HJ* 57*2

110 6**- 6re AucfiotrnntclOp 1 £9 6— — — — May tov. ffnsomesSba£l 197

a Feb Aug DoEpenglW- 3* 2 BT. B— — — — tov. May Ratdlf6(G6.). 67

Not. tofAutaTedSeclOp 7X3 196 L45 61 0.9185 Apr. Ocl RtonHtailOp 45

67 Mf JanBICCSta 290 30/ 1037 25 5J Aug. Feb RenrfdQ 3» d,

67 Apr. Not. BSRIOp 59 2X2 10 33 2/ Jne tov. RdsvtbOacsJ. 48

! 49 J»"- June BowttwrpelOp- 280 175 X42 1? 17 202 Jan. July RktfnsWes.SOp- 24

I July to* BiJgtn'A'Sp — Z3 76 135 06 84 Oct RoUmntTInS. - 36

7.9 UtadMetaSfa 295 Bi 163 2X XI 04 Nov. June Rutoric life 60

104 Not. Km Canteidge Eke 158 293 40 X8 87 1X5 Mar. Oct SavBe 8 OOp) 50

FarOcoghCons. . 156 BS 55 3JJ 5J» 85 tart
Feb. IntLlOp-l BR I 194225 XI X[ll44 Jfa

Da 'A' lOp — 77
Flutai UohuTlOp 120 196 625

FrandsPkr.lIfe. 19 216 87

ftewfiKJer 104%. B5 425

GallifartSp 58 153 1W25

GtbbsD'dy AlOp. 18 194 L4

GtesnlltUMp- 129 Bi 1X85

225 32 4^1X0 ^

625 « 7fl *

a7 XO 5ft to.

6G Sec Bets 5p. 138

lirCaU 295

fctrad 223

fen Elect 23

— f*-' July Oa Gkxsop 66 76 568 15 UX 7.9 “«

— Mw. Sept HAT. Grg 10p a 5*a 111 «.75 X5 46 384 to.

— Jag S& . Helical Bar 37 081 — — — — —

— V& Dec July HwdeiwntP.CJ. 382 Bi 180 29 7.8 S3 ^ —

— ,J6 j,,. Jm Hewden Sl Kfe 32 B5 L28 — 5.7 — -Wy

— MO jag Aug HeyvwodUltns. 34 1X3 10 24 42 —

— Dec Jone Hggs&HM 371 XL4 65 3JI X4 58 Apr.

— 33 Mar. SepL Howard Shot Up 34 152 KL33 X‘ 56 53 A gtt

— April 0cLl.aC.2(fe 96 13 dS57 21 88 64 .Wms

— ™ tov. May Ibstscfc Johnson 57 Hi 45 81113 — April

— AO aj,,. OalnLTeiter STM 5.7 440 * 66 4 F*- .

“ M April SepL Jarvis (J.) 338 293 1132 32 56 71 J*. !

— !■ i - Wayplant 6 - — Ui to

— 1A Apr. SepL Jennings SAD.50. 68 33 H151 2i 7.9 63 ?a

— — — MfiesmsAglOi- * 293 g353 23 561LB ■*»

- M» Oa Carlton tab, „. 170
l October 8v daw Ini- 3P?j»
a Feb. Aug Cawood 290

, *«9J5 471 — Jl36

pSfi § ad-

B 20p 3D 8JD — - - —

LOO- 149 231Q9 « 3.4 ♦

Dp- 24 14fi40 - } -

lOp. 124 Mfl 7.0 15 81 107

— 10W 5^5.43 ♦ 72 *

em) 136 3043.(8 il 3J 144

87 B5| XO — 33 -

Ub. 12*2 -1 — — — —

SS 182 *g — — - 163

Oont’L Grp. SI- £15 B5KBX60 — 96 -
CMtSi*«\10p. 36 216|xl5 li 85(92

_ z _ z JJUJL

1114 l3 81 fS. Jk

XO 56 43(40

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S = « = S5**4

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15 81167

Il IJ1I4

AFRICAN LOANS JApJW. (TnmsCagPIpe-.!

IPIAusL fcpc 1981 -33 I 92** 30.4 652 1221

BD ^ banks and hire purchase 2fr

1A 10 6 Rnro. 2i,ipc Non-Asvl 153 - - - DMdoUfc I I I Lid I Bv |'«| /w

— I Da3*.-pc«»85teld. 63 10-- 524 37.00 to | Stack | Pita | d | Net jCvr Gft W

- I Dn.4*2pc87- I ^2 Assnl 40ul 152 1125 17.70 . ..

150 15Apn£ubK Am (QOOpiJ 358 15J 2801 19.76 **•

~ July Jones EsM. 1^. 16 677 — — —J — r

— M2 July Lafarge CulFUCI £36*a 7.7 ®W( > 17.19 4

— H June Ott LataatJotart— 82 3G1 X^ X6 5fl(89) . 1

— H Jto. Aoq. LalhareOm. 120 Z3.I2 80 -9^- ■}*-

— 5.9 jan. ^Lawrence (W.J. 172 38^825 X2| 69S0) tor

Frt.

- — CAS£(2ta). 267 - H3J5| * 17 f tov. JmJSador Ehg'g Ita 26*2 19/ -IS li 83 88 ^

57 ^ KassGrplOp- 1B2 - iM25 XI 35 1*7 18 fi« JS

- Jtfa Dec. Chloride Grp— 24 fc 1 * B— July Dec- Slmm Eng's*— 375 BJ 1X6 X* 4i 7.4 jjJ

— 100 - 7*aW — — — Aug Jwi >600 Grout - 67 2U 525 IX If jzf

S3 Apr- Oa Concord teta. lfti 46 381X0 35 62 53 Aegutt SnOtblMiLSp- 10 87! — — — 181 |2,'

S3 Anrt Not. C r*mr°"iF UP Z® ^ 16U3 2J 23Z13 Jan. Ma,S esr& Jackson. 76 m* 658 13 12A7J)

64 Febnanr OW2fatt5p._. 224 Zli tL75 XI XC 149 Jirfy Mar. Spencer CBc2(fe 37 f® 184 — i - TT

~ ?«-^QecLlCfe 69 1 dX5 U 52 tov. June S^w-SwcoZ 140 1W 47 XI 4i 1X1 S

a Feb. Jtdy Denttron 10p_. 10 127! B— — — — July Jm Stavekytafc.£L 234 216 1X0 A Ti A Hr

Jag SepL DewtanffalOp B 253815 -16 - S Sr SUtaMa M » - _ __ JJ-

1X6 to (fee. Djnrfiag&U 10p 37 S|fU5 16 M1X7 Ocl ^Svtes(Hemy)- XL « ■ — — j^l

A3 Ocl June CkraniandlOp. 16 288 035 — 33 — Mh Oct n Group £1 104 M 75 —183 — V&Ll

XO J to JrfaD^HtarSp 80 73tl55 X4 25 fagZ S^l T«elflp 16 - _ _ _ S?-

- - ESI London— 298# 24 13 5X8 3a i^TerolSSt Sul 16 * 93 * J St ,

Edwlldp. 36 677 - — - — — ESI London— 298# - *1X2B 1A 11 536 Jan.

eCagnoa 06*a 7.7 (BWK > 17.7 4 OcL OecTconKs Ida 180 M 22 ♦ li ♦ Apr.

CJotei) 82 IDAlM Zb 52(89) . to. DedroracMtai- 24 9]l — - - 33 tob.

- ] Dntdavfc

7.00 to

leech (Wn)20p 50 2332 466

LeytardRataL- 23 175 15

Ldfey FJ.C 178 19.4 p53

Lonoott Brick— 97 19.( 489

LOANS

Public Board and IncL

Ui lJlArmc ML 5pc 'tf*©? 64 1U 7.8J 13.00 I Aug

3M IS Mpl Wt7. 3uc "8 . — 301? 13 10.18 1X73 Jaa

301 31EUS.M.C. fare 1932... lWud - 849 — '

30J 31Di Da vwUiout Wartita 1083 — 9.00 —

“I” M. Aug
to Aug
Dec

July

July

to

I 1 * 1 1 £ Apr. tov. Lovell I Y.J.)_ 134

Price I fe I IM I cv I a-s 1 P/E — (Md3nNtai&H. 100

208 571 Q28c 3JS 831 36 JJ?' ^ SSbSSSicSftw" W yq S ii

233 152 185 -113- Jfc

£60 384 026% 18 9.0 61 ff* im

84 7.6 VB3K 40 111 29 £* ^

llrt 57 835 — 45 — S' K g. 1 -. S-. 28

=f ffiss- 1 . 1 ?,- ft ft s -

Bpcl Rentals 25p 71 71 431

825 32 69 SO) to to Emess Lighlny IM 18i 1675 2ft 68L5« far- Get Totadus F.H. 5p. 18 253 tlJ5

166 13 ±K69> ^ to Enny Se rve jOg 71068 2ft 56 JM j g Aug Triple* Fdries . 24nl 5 1.8

15 13 9_3 13.4 F*- toB TOir milnLlflP- 400 . 15* dU Zft U »3 Jane Turriff 172 3tti 53)

o55 X4 44 9 0 June Nov. Fa rneO Efec 5p 200 - 155 Aft 13 293 July Dec Utd. Eng-g life. 265 U5 M3

489 22 72 88 — gfeate dr life 330 25J XO » 2fl> Jbjy Ft*. Utd. Spring Mp 14 213 85

tAM 3.9 43 67 to to ^ 5§ 44 1-5182 July Jan UtdLWIreCroug. 91 175X75

X75 32 82 49 to FjcMtfr Rad- life ffi 6« rfi — 05 — April W.W 77 2X3 gdX84

XO 23 441X1 Jj»* .QcL Frra Cas te lOp 50 Bi RQ.75 23 Xfl 7.9 Jan. June Vickers £3 139 Bi glZO

X4 X7 5310.4 to to. FonjortTfech- 15 1MA0 — 286 — Apr- Oa Mctor Products Mffl 29i 435

66 li 8611821 Bee Fu^YSO — 156 - * It * SepL to Vfafeer 170 76 40

54) J * 72 * Mar. Od.888 £»* 153 IX* q45 18lil Nov. June WkidUn 50p 65 3M 05

28 I — 62 — — 48 — — — — — Mar. Oct Wage® Industrl 71 154 53)

4N3S - 7.9 - Jm to Grower &P 5p m, Bi 10 U 5JI81 June Not. MdtotCAWJ. U6M0-

— I _ — — to MW $Hadand 103*n 5J d232 XI 3L5 Jdy 8 k MMsAssoeltfe 10 682 87

UI 10X7161 May
[675 X« 8i LX 4) far. 1
L88 2ft 56 94) Jn. I
64) Xa 14 273 June

3 fu*? 3 !

S '"'too-

- 871 Z to to

XI AegM StnttftWaLSp. 10 87! — — - 181

Z13 Jan. May S ear & Jackson. 76 658 .13 lXfa(7J)

M.9 July to. Spencer Ok. 20p. 17 6TO KL4 - 2 -

to. June Srirax-Swco 140 1W 47 XI 46 1X1 S

— July Jro.Ssareleytab.EL 234 216 1X0 *7.5* ££

I,- Jaa tar.StathmlPitta. M » S

1X7 Ocl Sykes (Heroy).- 21 « ■ — — ££

j- to 0« fl Grngi£L__ 104 2X3 73 _ 183 - SL

„„ Apt SepL 7<aee life 26 2SJ

5X8 Jan. AugTeeMetat 25M 57 L6 * 93 * J St ]

• Apr. 0a.Te«os20p 26 125 ^

*7 reb. S^g Tec Aim. life 46 2332 325 25110.1 47 *S

363 May ThysaenDmlD- 380 2X3 Q625K — 4C — jSl

(X« far. Od.TorridqsF.lt5p, 18 253 T135 22 9 J 1X9)

92 Jil Aug Triple* Fdries. 2ted X' XO — 60 - jSr

S3 Jane Turriff 172 304 54) 52 42 52 Si

291 July Dec Utd- Eng’s life. 265 J75 d43 21 23 258

> to ft*. Utd. Spring Mp 24 TU 03 22 53 C -

162 July Jan. Utd. Wire Croup- 91 17J X75 -14 9.0

- fart. W-W_— 77 2X3 gdX84 22 73(76) S'

Apr. . to CMlSUiwVlOp- 36 216 2.15

Jm. Jne Cope ABraanSp 36 Bi 124)

fee Oct Copydtt 10 — 32 76 2.4

Mareb Sept Cosrit 34 253 35

to Dec Courtly Pipe 20p 53 2X3 3.05

Mar. OcLOmndeGtLlOp 28 15i rii5

to iav. Crear CJ.) 83 1X3 t«7j

Apr. Nw.ICreaMdtalOp 102 13 1X8!

Jag toOtorWVMltaL. 7 101 805

Jag jriy.Dtdgetya 272 175 224)

■in. to Danes 4N\wn_ 70 216 d3.0

Dec. Aug De La Rue 460 ZU 224*

253 35 X415A 68)

791 3 J35 I 34 82 3J
152 dX5 8117.9 —

IX- *Q47JSi U 119 88
13 1X85 1 31 4 jD 1X6
101 805 - 14

175 2248 14 1L6 (81)

216 d3.0 - 61 —

DeLaRue 460 Z16 224)8 qli 69

OwwndStlOpJ IX 2X7 — I — J — 42
ankle Heel 5p.| 7 1X1 845 lft 86 187

» Ifip

16 * gi I Jjt July QdmiHMk. lOp 70 1X2 6428 82j 8l1 -

X6 * I 93 * MaluSeOe DorerQvp- USSL Ol^ 24f 066c — 1 111 —

LW|“ T-I to oa Doras Surel. IIP 24 28E 03 - LB-

sr JS|j35.5»= ^ w IS r a“ *' m

— to. Oa Wtaoa Industrl 71 152 XO 15 181 83 j- ' ’ZS JS “W 6 . “I M

MM Jm Nw. Mmw( 8&WJ. 11 M - - - - ^ “ J -

to Dec WerisAHoeOta 10 6® 87 23 IOC £50) f£r y, cTS n5 ii - fj"

— Jaa May WHr Group— 50 MLi l-fe* 87 53 2.4 Se De Ertart Covp. SI . 07 34 052.401 — | 71 —

— faril Oct Da 10% Cm Prf. 51 2X: X5 202 71 — to — tarfl icn 71* 94 | TL H Fn

— to. Sgt. WefaranEng’g. 41 152 335 (W 1L7 - «£ sS? ^ ^ ^ H J!

— Jriy ftb. IMesttaid 131 2U 17^5 43 7.! 3-9 X?’ ISKiS.r 21 li M3.1 23 46 148

I— Jag June Whes»e— _ 86 175 Ih44) 42 66 38 2^. ^ iS ,V‘ “ - — 113

— Jag 6dy WbmqrMsLiqp- . 6*a 3fli 80S — 13 — gSK*ft 1 SSr nm tei AL,) 13 W *

(84) Jag Jriy IMIHwns CW.) - 41 5W — — j®* 1 *-,— SSSSS*® 0 Si J , ,SL

1X3 Not. far. Wtai 8 James 75 2X5X41 — 46 — Sb 1 ±1 ^5 l S?

S.9 Feb. Aog Wtaod(8WJ2Ife 16 mSfelU) — i — ^ 152 IBS | 41 1C 73

54) 52 42 X2 nZ/

oi Ilf 253 -SS

175 |‘iS 96 JgJ- g;

& S 6

40 5fa 3.4 62 Xi S
05 - J 13 - ^ Jaa

50) ( XS181 8 3 ta t-

Dufr Bdun life 43 1X4 XO | X6 6H

amdontat20p- 66 216 3.75 26 83 55

ftmtati HldSB— 265 2L6 11.0 25 X9 7.7

awlelm. 29 71 1X9 03 1 -

tapon- — . 13*2 &2 B -

Dw*Groiwlta. 7 216 024 7.4 X0j(95)

Dyson ijT&JJ . 88 2332 123 — 4.1 —

Da‘A’ S3 2332 1X5 — Aft —

EtS— 1 33 175 45 26 4^ M

Bswra Prtri. 50a 69 216 462 * 96 *

EWeflCfe lfii 2 L3 dU XC 113(1X0

BecolOg 83 295 X4 X2 T8 91

EkctrakaBKrSO. 770 501 016% 23 9J| 48

~ 8-1 I — 87| —

190 I BS 10.15 — J 761 —
147 I 2LN Q24c I X9| 93 36

30.4 ZLO 45
155 ti XO XI

Nfiw»nereuf_. 115 29J 405 * XO * - l S*SiS es Jf- -J?

Mod.Engti«rs 18 7.6 2-0 _ IX! - Jammy ffliUart& 2ft.. a

MonktAT 63 2332 iX75 43 62 67 _ — (WtataafeELUp. g

Mowtem ( J) „. 186 175 963 27 76(57) to FeWICU^— — 60

“ =Hz £

Jm NewarthHI £1._ 460 XA d80 1 36 25 358 — *taTedK*>®5p 250 - — ( “4 ■— I —

Aug Feb. Natt. Bride 5(fe 35fttd X7 662 XC 63 -7 ' 133 - -1 — j — J —

Oa. Phoenix Turtoa- 56 2U2 fLO ' - i _ Ott. far. Jones Stroud— 94 1X2 X2 | ift 7-^(8A

to Dec PPcfrins 205 Bi 9.0 64 63 26 fa*- Kodeta- »0 Z& 70 ZT

Jane Dec. RIAC 243 30.4 9-5 23 56 9L5 June OcL Lee Rettjg » 81 88 13/

to MM at Rrinelnrfc. life 12 1X3 203 113 12 83 £"■ to M_H H eartc- 407 26 140 ‘

— -:-Ramus_ 70 13 gd 8 2310.4 53 to Nw M etn e c lflp 280 2X3 36

Jag Ott. Redland 278 7.32 734 qU XC 117 — MttelConsJ— 949 - —

— Da iNewr Ont). 170 — 734 &3 631X2 Jriy Mdyra2qp — 19 871 —

— tedrodUVifettO. £73 - Jg AXaStatoralaS— £35*z ZLfiOSU

Jriy Dec Roberts fatted. 140 175 98 23 91 69 Mar. July Mutrtoad 160 216 138

— Rohan Grp. lOp - 365 39.4 Q1699S 33 82 44 — ffangr Tech. Inn. 82)3 -Jl-75

Dec to Rcmflnson lOp . 36 2Lf d061 65 X4 67 Jm. July Newman Indi;- 11 299,8-

Nq*. May Rubemld 163 1X1 47 XI 43 89 Mar. Ott Newmark Lo^ 222 ElJlXO

Jag Jriy Ritor P. ConenL 93 19 4 58 28 7.7 73 Dec tawn Eject Y5Q 164 U QB

far. Oa.SG8 Group. 376 13 56 X! 4610.9 — HmkDaaIiX2Q- 6« - QZV

Oa. May Shape Sftaier. 39 19.4 18 X2 66 98 — *Oaranl<s lQp- 255f — MdL

to Ott Sheffidd Brick. 18 911875 - 60— *£. Peridn^tawte 034 357 QJ

Dec. Jane Snort U.) lflp. 54 XU UJ3.9S 22 106 68 Jaa July PetbeArHldglta WW 57 XO

Jim. Dec Streeters 10p_ 25 678 — — — 86 •*" Not PtiicnnilOp — . 21 K.1 83

July Nov. Tarmac 50p — 282 Bi h92 X?| 47 88 “w *g»2 V ^ WV

July Oa Taylor Woodrow. 490 1H 1631 X4 4i 102 Bee. May * **£«; Lp. F18 4ffl 3813 038

May Ott Tilbury Grp 86c 175 MJ7 23 69 81 — Pte*oElPnk.lc. 40 - -

Nfey Ott Travis & Arnold 176 30.4 4.33 4i 35 96 tar. Ott PtfcoHkfef.2Qtt MS 1X1X28

Ja. JuSTnvi ridngslCp- 48 U L75 4 5J * fa>r. Ott Da'A’ZOp — iffi 1X< X2B

Jag July UBM Group.— 52 76 XO — 55 - to Jro. Ptessey5D»__ 495 301862

to Not <M 19.4 «B5 04 135 — far. Not. PrewaclOp— . 24 2X3 13

Aug Feb. Vectfc StonelOp- 24rf 5J L8 22187 55 — Quest faro life. » - gLO

Mar. Ott Vtaraplait 173 152 dl453 88 1* .[ Feb. Aug fteal Seanes- 45Sal X7 581

7000^ ft

^def 0 ^

83 Jag July M.IC Electric-. 4 07 Zli 148 X4 4.9 1X7 Oet

53 to Not UetiKC life 280 2X3 38 | 25 15 366 Jag

117 — Mitel CarpJ— 949 — — — — —

1112 to Ma)yiw20p 19 879 — — — 4

— Jg A-3Q. Motorola S £35*2 2X6 QSL60 — X4 —

69 Mar. July Mrirfmi 168 Zli 138 23 XTfzLS

I 44 _ Itetw Tech. Inn. B2*a — i-75 4 15 4

67 Jag Jriy Newman lnds„ 11 £99 E— — — I —

89 Mar. Ott Newmark Louis 222 S3 118 23 75 75 .

7j Dec toon Eject Y50 164 Si 01396 4 8« 4 ?*

in, 9 - NcnkDaaliXaa- 695 - 102*2% 89 87^155

- , “I “I- I tor frith

5r Group— . 50

l 10% Cm Prf. SI
rftman Eng’g 41
esdand 131

aB ftl -

at 803 —

Xt 0SX4u — 1

71 05 —

215 175 2J1

1X2 67 13

ISft S H9V d'Jr, * 2S^r « 93 « S £3

ftr ftteast. a 1 jj nmt

far. DecFtawtltan a Mi ©1-W 86 386 7.9

GROCERIES, ETC. to ^Fteritaaiw. S

PVthdLHIdalOp 6 ftst 57
Priam lOp — 21 HI

PWflpcF«.5V% £50*2 B5
*hinpsife.n8 4« mu
Piets BMile. 40 -

LM 4 24U

FOOD, GROCERIES, ETC. g

toMfefreSoADZtaf 69 ( 216(385 2M 8ft 73 to.
Mw|fa5jlfta;^lSJ 75- ^-10.75 XM-73 (8V- -

ScpLfas-Bnt Plfc5ot 136*d CT 43 d 45 U Dec.
OaJAss- Dairies— . 122 lX3|lt«281 XtJ 3i 1X1 Jaa'

A^i«.FBtaries_ 67 l3 XO 3 ? 4J 85 tag
Ott AumGroupSp] 322 l3 60 4 27 4 -fag

wSr M 23 111 (4.9)
Foseco Mfaisep • 176 BS 78 XO X7 ~

~| Jg 36) xaiu j»- MaflFoOTerQWHjrvey- 122 1X1 7.75 £3 93ll35

Lg X; ZB 3.4 4J 85 Det toe Fnn» tah. _. 53 175 58 15135 (63)

5p| 322 li 68 4 27 4' Aug Nn French liras. lOp 105 2X1 60 3 .31 n 3 02

rCJ 1« 1X2 1615 35) 62 53 to Not. FriedtertDgJZ 94 §3 53 26 XE78

6 -I 6 — — — — * to. Jan. G.R. Ukte). 226 175 78 49 44 61

—1 241*! 57 587 55X562- . Garareltfe ... 10 116! - - _ -T

ta- 19 Lit — — - - tar. ^fewarA’fcwg 45 S3 263 25 a3(X9l

~ Jl 216 35 35 7X 47 to tec G*ws&p.20p 38 - -_ _ _ _

life. 68 LLI dX2 45 4.7 5X tar. OttGJamSOp 740 301 T1X25 28 22189

— 130- 791 S2J5 ! 8 35233 to to Gonme HldL... 26 98 _ _ | 1 Z.

— JS I U 4 I 35 .* to. Nov. Grannan Hdgs. SI 1X4 45 85126

fl 132 7.1 48 * 43* OaGrawda'A' 170 2X1 1*1 S3 411L4

F- .54 ZU 435 (58115 tktober Grimbw«2tai 17jf 15! J _ _ _

S? B5 46358 20189 <&fa tart Ott Gtfopwrods lOp- 95 1581X25 52 * 26

ta-17 (,■» - -T]_ - Ott toeGreretwHGgSp' 5 9791 B_ Z. _ IM

— 49 175 Ml X5J1X4 (751 ftfo Aug Halma Ittj llihj X7|X46 A X4 6

^2 2-5 A* Xi Affl tat -tar. Hastes: fe. 25c. 48 M.4j Q9c 14 1X2 64

- ms — ta^ OttgariBCSd^U 145 1S1 1615 i5 63 53 to Nw. Ftedtand Dgt_ 94

II 7i 12A A**- to BarterL Dip- 6 — — _ _ 4 July. Jan. G.R. (HtfcRj. 226

- _ _ Aug tar.Barr(A.G.)_-|241jri 57 5L87 55 35 62 - . Canons life.. _ 10

Aug Feb.
Mar. Ocl

Apr. Ott VtedlW y.Hfe- <7 li <342. 231128 3.9) Jw-

Cta.‘“ toWarrtKRa — 86 Ji 56 ZjJ 83 59 to

May Not. V atts wake— 172 1X4 357 14 3.D1X7 to

Jan. June WettwnBrw- 57 6« _ _

Apr. Srat Whallings 34*1 5' XO 4ii 42 5.9 to

to. R^Wrifrii’m 12*21. 132 2X1 7.0 <3 76 15 ®

to. Oa
Ocl July]
to tod

128 3.9) Jw- Jriy|R«Sltek« 238M 57 605

— trSaiDnlOD- 185 — —
83 69 May ■to.JctaleslGH)— 372 2X3116!
XO 13.7 to OttCeairta Centres. 332 712 $15

_ _ — neunyogSr kt. HU —

42 5.9 to FebJSoilyCa. Y50_ 712 1X1 dQU

« 47 jSP
66 67
252X4 ™-
65 - «■
46 - to
16 U5 «■
4i 156 K-

JSwrwMfflZfe- 19
J Bassett (Geo) — I 71
iBadeysYoriclife. 68

iBefamlQp 130-

JuM Da‘ , A"NA<9. 132
Ott|aofibWG nf.- 54

CtapUfe- 82*1 57 38
Connolly) 212 1X4 008
y(Geo). 101 175 28

73 as October Sound DWsg5pJ 386 I 17^0.72

211 63185 . M
2ft 161342 to
-! -1 01 “ B -
60 L4jlX8 *2* .

CHEMICALS, PLASTICS

f «rar^ « ifaWrt SMI AHI

idDBfsn.5p- 186 17! 0.72 4 J 18 4

TeLi Cables. 619 2X 05 id 3X374 £•

rDeorkriSp 4L W X74 Oft 60 - to

ArtnnSp- 45 li 1X6 32 5J 89 %*■

,-A WV5p. 43 li tU 325 53 66 **-

■Rerea fe— 340 37J b463 23. 4.7115

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22

Monday July 12 1982

Financial Times , Monday July 12 X9S2 .

JW HIGGS xndHIU

^betterwaytoixiftd"

01-9428921

ISRAEL WARNS PLO: TIME IS RUNNING OUT

Beirut artillery battle rages

BY JAMES BUCHAN IN BEIRUT AND DAVID LENNON IN TEL AVIV

ISRAELI and Pales tinian forces

in Beirut engaged in one of the
fiercest artillery battles o£ the
fighting yesterday as the
Cabinet in Jerusalem expressed
deep concern, about the stale-
mate in the diplomatic efforts
to persuade the Palestine
Liberation Organisation to with-
draw from the Lebanese capital.

“There has been no serious
movement forward in the
' negotiations, which are not pro-
gressing at the pace we had -ex-
pected/’ a senior Israeli Govern-
ment official said after yester-
day’s Cabinet session, “ The PLO
has been playing for time, but
time is running out”

The trapped -guerrillas re-
sponded to the intensive and
sustained Israeli artillery bom-
bardments with mortar and
rocket attacks against various
points in east Beirut, the first
such attacks on the Christian
half of the city since the fight-
ing began.

The new Israeli pressure
reflected the lack of progress
at the weekend on negotiations
about the future of tbe 6,000
Palestinian guerrillas in the
besieged western sector.

There were only three
developments of diplomatic sig-
nificance. France officially
announced that she would take
part in any international force
to supervise disengagement.
Syria, late on Friday, said she
would not grant, asylum to the
Palestinian. . fighters ip west
Beirut. Greece, which has
official links with the PLO, was
prepared to provide ships to
help evacuate guerrillas from
west Beirut.

The Syrian announcement
appears to have given • the
Palestinians, from fighters to
spokesmen, a tremendous boost
They say that this has concen-
trated the attention of all
parties to the conflict on the

fact that they have nowhere to
go.

Lebanese Government officials
state that the Syrians’ announce-
ment should not be taken as
their final word.

Saudi Arabia, main financier
of the Syrian forces in Lebanon,
and the Soviet Union, Syria's
rather tactiturn strategic ally,
may now play a larger role.

All this will require time,
which the Palestinians admit
they desperately need to save
their movement from extinction,
or at the very least loss of
independence.

Yesterdays fighting began in'
the early hours and intensified
during the day, covering Beirut
in clouds of dense smoke as
shells - and rockets . slammed
into both West and East of the
city.

For about three hours in the
middle of the day 30 shells fell
every minute, and the death

toll throughout the city was
expected to be high.

Sir Men ahem Begin, Israeli
Prime Minister, is reported to
have toid bis Cabinet Israel
“would not tolerate" the
present situation In Beirut for
long, and that bis Government
would have to start considering
other paths to resolving
stalemate.

Some Israeli Cabinet Minis-
ters have already lost all
patience with the mediation
efforts of Mr Philip Habib, tbe
special U.S. envoy, who is trying
to work out an agreement on
evacuation of Palestinian forces
from Beirut

One unnamed Minister was
cited on Israel Radio yesterday
afternoon as saying that either
Mr Habib was deceiving him-
self, or was trying to deceive
Israel about the prospects for
a peaceful end. to the crisis.

Israeli fire rains down. Page 2

Extra £lbn sought for councils

BY ROBIN PAULEY

AN INCREASE of at least
£lbn in money available to
English local "authorities is
being sought from the Cabinet,
for the second consecutive year,
by Mr Michael Heseltine, tbe
Environment Secretary.

Last year he argued success-
fully in Cabinet that £1.3bn
should be added to local auth-
orities’ current spending targets
for 1982-83.

This was because they had
overspent last year's targets so
heavily that there was no
chance of their being able to
meet the 1982-83 figures. Even
with the extra £1.3bn English
councils have again budgeted
to overspend the Government
figures this year by £1.4bn.

The Government is not tak-
ing any action this year against
this overspending, in spite of
representations from Mr Leon
Brittan, Chief Financial Sec-
retary. that something should
be done.

This is because there are no
weapons which can be used

against overspenders without
penalising underspenders. and
because all previous attempts
at penalties have failed.

The gap for next year widens,
on White Paper assumptions,
to more than 14 per cent in
cash terms. It is this figure
which local and central govern-
ment officials have used
recently as a basis for a range
of service, manpower and
expenditure exemplifications
which have been wrongly
interpreted as demands for
tens of thousands of locai-
authority job-losses in 1983-84.

This exemplification uses a
theoretical assumption that
councils would be required to
forfeit the entire accumulated
overspend in one financial year,
1983-84, meet all government
expenditure projections for that
year, absorb all excesses of the
Government's assumptions on
pay and prices and not recoup
any of those amounts through
the rates.

The exercise takes place each

year and has never been con-
templated by either side as a
practical outline of policy.

The absence of action means,
however, that Mr Heseltine is
faced with the same problem in
the current round of discussions
about 1983-84 public expendi-
ture levels as he was last year.

He feels the planned expendi-
ture for local authorities next
year, compared with the likely
out-turn this year, including the
overspending, is so low as to be
unrealistic.

He argued then that there
would be not the slightest hope
of any move towards govern-
ment targets if the discrepancy
was so wide to begin with.

The 1982-83 overshoot of
£1.4bn is 6 per cent but if the
extra £1.3bn had not been
added in, it would have been
at least £2.7bn or 12.3 per cent.

Mr Heseltine's claim for at
least an extra £lhn next year
is part of a general overdaim
on plans of abgut £5 bn by spend-
ing departments. All depart-

ments are asking for more
although education is apparently
asking for a very modest sum
and most of the Department of I
Health and Social Security
request in respect of the |
National Health Service is for j
pay.

Local authority expenditure
in the current White Paper is
planned to be £23.3ba cash this
year and £24J2bn cash next year.
This year's outturn is likely to
be about £24.7bn, so. even with
an extra £lbn nest year, coun-
cils would have to make some
substantial economies and im-
provements in productivity and
efficiency.

• Total public expenditure for
next year is planned to be
£120,4bn but departmental
ambitions already have that
figure nearer to £126bn. Mr
Brittan is digging in hard to
resist all these claims but this
year, as last some upward revi-
sion for local authorities is
regarded in Whitehall as
inevitable.

Government urged to stand firm on spending

BY ROBIN PAULEY

THE CONTINGENCY reserve
should not be used to finance
excessive public sector pay
increases, the Confederation of
British Industry has urged the
Government.

Sir Terence Beckett, CBI
Director General, has written to
Mr Leon Brittan, Chief Finan-
cial Secretary, asking the
Government to stand firm on
future spending plans now
being considered by the Public
Expenditure Survey Commit-
tee.

He criticises the fact that
estimates of government spend-
ing for 19S384 have already
been increased by £11.5bn dur-
ing the last two years. This is
greater than the sum of all
National Insurance contribu-
tions and the surcharge paid by
employers other than the
Government, he says.

It is also equal to the cost
of a reduction of a third in all

rates of income tax or to about
twice the expected tax and
royalty yield from the North
Sea.

Sir Terence says the CBI,
which has launched a campaign
urging employers to keep pay
settlements lew in a bid to
restore Britain’s international
competitiveness. Is very
anxious that the current survey
committee round should not
further increase public spend-
ing next year.

The contingency reserve for
1983-84 is £4bn. £950m more
than was planned in 1981. This
should be used to finance
genuine contingencies and not
to finance extra pay increases
or new programmes, Sir
Terence says.

He feels most increases in
planned public spending have
bepn concentrated in current
rather than capital expenditure.
Any increases in currenr

spending • programmes for
1983-84 should therefore be
financed by cuts in other
current expenditure pro-
grammes.

The CBI is worried about the
growing imbalance between
capital and current expendi-
ture. There has been a sharp
fall of a third in the last six
years in the share of fixed
investment in total public
expenditure.

“We believe that as a result
insufficient provision is being
made for the country’s future.
Given the present excess
capacity in the supply indus-
tries we have a particularly
favourable opportunity to
expand public sector invest-
ment without adding to infla-
tionary pressures," Sir
Terence says.

A CBI paper suggests the
most significant declines in
capital investment have been la *

housing and transport. Capital
expenditure on construction has
fallen. pricipaUy outside the
nationalised industries, and the
1982-83 planned level is barely
above the 1976-77 level in real
terms.

The CBI paper urges imme-
diate action on three fronts:

• involve the private sector in
profitable capital projects cur-
rently blocked by controls on
government spending — roads,
sewers, housing and various
nationalised industry pro-
grammes;

6 implement the CBI recom-
mendation to . increase by £2 bn
funds available for investment
in tiie national infrastructure;

• modify the system of spend-
ing control by extending the
cash limits approach to- total
pay bills and allowing some
limited carry-over of capital ex-
penditure between financial
■years.

Argentina replies on hostilities

BY MARGARET. VAN HATTEM, POLITICAL STAFF

Continued from Page 1

Opec

it regards as its rightful market
$hare. Iran would defend iL
“even if it has to resort to
force." He indicated that he
was referring to “ commercial "
means — presumably price

policy — but the . potential
threats of the producer emerg-
ing again as the dominant
power in the Gulf were clearly
part of his thinking, and indeed
of Iran's tactics.

The Saudi argument for
higher differentials on premium
.African crude, which received
some qualified support in
principle from other Gulf pro-
ducers. is that the narrow mar-
gin has put pressure on Gulf
crudes and stimulated the surge
in production by Algeria, Libya
and Nigeria.

Mr Abdul-Aziz al Turki, the
Saudi Deputy Oil Minister, said
his Government would take
action to protect demand for
Arabian light, “as it deems
necessary."

Other members took seriously
the possibility' of unilateral
action by Riyadh to trim the
price of Opec's reference price.
Sheikh All Khalifa al Sabah,
the Kuwaiti Oil Minister,'
acknowledged that the Saudis
might widen the differential by
lowering their prices, when he
told reporters that it would not
mean " the end of the world." .
But he hoped any such changes j
would be “ kept in an extremely I
contained situation.”

Sr Humberto Calderfn Berti.
the Venezuelan Energy
Minister, made it clear that his
Government would not fulfill
his threat of last week— to raise
its output if other members
were not to observe' their
quotas.

ARGENTINA HAS replied for-
mally to Britain’s third request
for confirmation that hostilities
over the Falkland Islands have
ceased. Mrs Thatcher, the Prime
Minister, and Mr Francis Pym,
the Foreign Secretary, are ex-
amining the reply, sent to. Lon-
don yesterday through tjie
Swiss embassy in Buenos Aires.

The Foreign Office yesterday
confirmed the reply had beea
relieved and was being con-
sidered by ministers but would
not comment on its contents.

The indications axe the reply
may fall short of a formal de-
claration that hostilities are
over but may be sufficient to
enable Britain to return the

i ml us trial earnings league;
that they must enjoy tbe best
conditions possible; and that
severance payments, which
could be a major element in
wage talks, most remain high.

Productivity increases have
been running at the rate of
about 3.4 per cent for much
of this year, though the Jane
figures are considerably less
than that because of the
effects of the miners' sym-
pathy -action on behalf of the
health service workers.

Further improvements, in
the face of stagnant output,
will mean continuing cuts in
the mining labour force, now
about 211,000.

A strategy for achieving
both manpower and output
cuts which Is likely to he
increasingly adopted is that

590 Argentine prisoners taken
in the recapture of the islands.

The British Government,
under pressure from the U.S.
and its EEC partners to
normalise relations as quickly
as possible, is not insisting on
a formal declaration, provided
any informal assurances there
will be no renewed hostilities
in the foreseeable future are
considered sufficiently binding.

Both the Prime Minister and
Mr Pym are expected to discuss
the matter with Sr Javier Perez
de Cuellar, the United Nations’
Secretary-General, who arrives
in Britain tomorrow on a two-
day visit.

Although it was pointed out

pioneered by. Mr James
Cowan, deputy chairman of
the NCB, when director of the
Scottish area.

That is to cease production
in uneconomic pits where
large coal reserves still exist;
retain a core of some 100-
200 miners for development
work to new -reserves; then
re-start production when new
reserves have beea proved.

This strategy has worked in
the Folmaise and Bogdde pits
in the Scottish area, both of
which are expected to became
profitable after years of
losses.

The same proposal for the
Snowdown Colliery in Kent
has been fiercely resisted, and
has been promoted by. Mr
ScargiU into a symbol for
resistance to further layoffs.

yesterday that Britain considers
the UN’s role in the matter to
be over, it was suggested that
the Argentine reply would be
discussed with the Secretary-
General.

The Government believes the
new Argentine regime is soften-
ing its position. It is anxious
to avoid any moves which
might be seen as seeking to
humiliate the regime.

It is encouraged by the return
of the one British prisoner of
war, Fl-Lt Jeffrey Glover, RAF,
who returned to Jhe UK on
Saturday. Under the Geneva
Convention prisoners of war
must be repatriated as soon as
hostilities are formally over.

Continued from Page 1

siano, as and when funds are
needed. If this action were not

to be. sufficient the bank could

become involved as share-
holders of Banco Ambrosiano.

It is thought that the first
priority is to meet the demands
of the Euromarket creditors of
the Latin American subsidiaries
of the bank. Next will arise the
matter of the subsidiaries’ on-
lending of funds — an operation
alleged to have been at least
partially covered by letters of
patronage by Instituto per le
Opere di Religione (IOR), the
Vatican’s bank.

IOR has said that Sig Calvi
released it from those under-
takings, but a senior official of
IOR said pt the weekend that
the organisation was prepared
to assist In a rescue of Banco
Ambrosiano.

Continued from Page 1

Coal Board warning

Labour
to study
banking
controls

By Peter Riddell, Political Editor

THE LABOUR PARTY’S home
policy committee is fo consider
proposals for increasing Govern-
ment control over the banking
system which range from
greater regulation to nationalis-
ing all. the big four clearing
banks.

The issue is highly sensitive
for tbe party, because the trade
unions involved have taken a
notably cautious attitude in
view of the hostility shown by
some of their members towards
I public ownership. This is un-
1 like almost all other industries
proposed for nationalisation,
where the unions affected are
generally enthusiastic.

The Labour Party’s home
policy committee, chaired by
Mr Tony Benn, meets today. It
has received a report from a
working party which recom-
mends four options for dealing
with the banks:

Increased regulation' through
the use of powers under the
Bank of England Act, and
rejuvenated planning agree-
ments, to ensure that the banks’
lending policies are in line with
the Government’s' desire to
boost industrial investments.

Increased regulation, backed
by the threat of the take-over
of at least one or more of the
cleavers if this does not work.

Public ownership of one
clearing bank.

Nationalisation of all four
major cleavers.

A final decision will have to
be taken by the party’s ruling
national executive committee,
probably later this month. This
will almost certainly involve
some sort of compromise, taking
into account the susceptibilities
of the Association of Scientific,
Technical and Managerial Staff
which wants to avoid pledges
which would be seen to antag-
onise its members in the bank-
ing industry.

Labour’s Programme 1982,
published just over a fortnight
ago, merely said proposals were
being considered to improve the
flow of funds to industry. Any
public stake in the banking
sysftem would be coraplemen-
tai fr to the National Investment
Bank, which is intended to
provide a link between funds
flowing into long-term savings
institutions and industry’s need
for capital investment funds.

Labour also wants the Bank
of England to come under closer
government control, and to be
its agent instead of the voice
of the City.

• Labour Treasury spokesmen
in the Commons are likely to
press the Government today on
the proposed changes in mone-
tary control, involving the use
of the National Loans Fund,
when the report stage of the
Finance Bill comes before the
Commons.

They will try to turn this
into a debate on the whole
operation of monetary policy,
since Labour believes the
powers being sought by the
Government give it enormous
flexibility an its borrowing.

Weather

UK TODAY

MOSTLY, sunny and very
warm.

S.W. England, S. Wales and
Channel Islands
Cloudy with some thundery
rain. Max. 19C (66F>.

Rest of England and N. Wales
Sunny periods; some thundery
rain later. Max; 26C (79F).
Scotland, N. Ireland ,

Dry with sonny periods. Max.
21C (70F).

Ontiook: Sunny and thundery,
WORLDWIDE

Y'day
midday
°C «F
Ajaccio S 27 81
Algiers S 34 S3
Amadm. S 24 75
Athens S Z7 81
Bahrain S 43 109
8a rein a. S Z7 81
Beirut — —

Belfast F 16 81
Bolgrd. C 18 64
Berlin S 28 82
Biarritz C 20 ~68‘
Bmghm. F 23 73
Blackpl F 21. .70
Bord*. F 22 72
Boulqn. C 23 73
firisiol C 24 75
Brussels S 26 79
Budp9t. C 22 72
Cairo — —

Cardiff 5 24 75
Cas'b’ca C 23 73
Capa T. S 18 ST
Chico. t' R 19-88
Cologne S 29 84
Cpfihgn. S 22 72
Corfu S 28 82 1
Denver! F 13 SB I
Dublin C IS S3
Dbrvnk. F 2* 75 1
Edpbgh. C IB • 51
Faro S 30 88
Florence F 30 88
Frankh. S 30 86
Funchal R 20 68
Geneva S 27 81
Glbrltr. S 24 75
Gl'sfl'w C 10 81 1
fi'meey S 22 72
Hal sink I S 25 77

H. Kong S 31 RB
Innsbrk, S .27 R1
InvrnSO. F 18 flj

I. 0. Man C 16 HI
Istanbul S 24 75
Jersey S 25 77
jpihuru .S 16 81-
t Pirns. F ?a 77
Lisbon S 23 73
Locarno S SO.
London F 25 77

Y’day
midday
*C ?F
L Ang.f F 17 83
Lux mbs S 27 81
Luxor S 38 100
Madrid S 34 83
Majorca S 34 83
Malaga C 27 81
Mara S 3T 88
M'chstr F 24 75
Molhne. F '15’ 55
Mx. C.t — —

Miamlt S '20 84
Milan S 30 86
Montrl.f F 21 .70
Moscow S -29 84
Munich S 25 77
Nairobi C 21 70
Naples C 2B 82
Nassau — —

Nwcsd. S 18 64
N Yorkf C 22 72
Nice S 27 81
Nicosia 5 28 82
Oporto C 19 66
Oslo S 22 72
Paris S 28 82
Perth . — — ,

Preoue S 28 79
Rvkj'vk. S 11 52
Rhodes S 26 .77
Rio J’ot — —

Rome T 20 m
ReJzbrg. S 2170 ,
S* cisco t R 13 55 1

S. Mrhz. .

Sincaor. — -—

S'Tiaaot — - —

Rtckhm. S 75 77
StrasbQ; S -79
Rvdnev n H W
T«n«igr S 7> HI I
T «il Aviv S T> *1 1
Tan*! rife P 25 .77
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THE LEX COLUMN

Cold draught for
the bankers

The central bankers meeting
in Basle today are confronted
with the sudden eruption of a
problem that concerns all of
them particularly closely. Eco-
nomists — and even bankers —
have been warning for years
about a number of threats to
the health of the world banking
system, but the international
financial markets have taken
very tittle notice. Now, though,
the solvency of some banks is.
in tbe collective and jittery
mind of the markets, no longer
' something that can be taken for
granted.'

Shares fall

On one particularly nervous
day last week bank shares were
heavily sold down on Wall
Street, following the failure of
a small state-regulated bank in
Oklahoma. Almost simultan-
taneously, a leading . rating
agency in Canada announced
that it was downgrading the
credit standing of Canadian
chartered banks, while in West
Germany bankers were meeting
behind closed doors in a final
attempt to salvage the beavily-
indebted AE G-Tel efunken .

None of these problems indi-
vidually would have caused
markets to lose their nerve, but
coming on top of the problems
of International borrowers such
as Poland and Argentina and
the blow to confidence caused by
the collapse of Drysdale Securi-
ties,, they _ had an alarming
cumulative effect. By the end
of last week, it was clear that
some Euromarket traders were
anxious to cut their exposure to
some North American banks
even if that meant taking a big
loss.

The capital ratios of major
Western banks — with one or
two exceptions, of course — have
been deteriorating gradually for'
some yean. The average capital
ratio tff the major U.S. banks, as
calculated by IBCA Banking
Analysis, has slipped modestly
from just over 4 per cent to 3}
per cent since 1978 — but the
figures would have looked worse
if conservative provisions had
been made against some
categories of sovereign risk. On
a U.S. accounting basis the ratios
of the big four London clearing
banks — generally considered
among the best-capitalised banks
in the world — have been coming
down rather more rapidly, if
from a slightly higher base.

Sovereign risk has been a
conspicuous — and so in theory,
well-discounted — issue for some
time, but it has now reached
the stage at which not even the
most ingeniously designed re-
scheduling agreements can dis-
guise the inability of some

countries to service their dcht.
In domestic banking the main
problem was how to fund long-
term fixed-interest assets when
short-term money rates were
gyrating in the high teens. This
can be exceptionally- expensive,
as a few German banks found
in 1979 and 1980, but the extent
of the damage can be quanti-
fied, and the loss-making loans
eventually . fall out of the
balance-sheet. The domestic in-
terest margins of the Drcsdncr
and Commerzbank have been
climbing slowly over the past
18 months.

In domestic as well as inter-
national banking, the beginning
of the recession brought an in-
creasing scramble for deteriorat-
ing business, with progressively
less creditworthy customers
commanding progressively finer
terms. There was also a leap in
the amount of risk being
accepted by the banks os the
fixed-rate bond market dried up
in the U.S. and the banking
system found itself carrying the
entire burden of financial inter-
mediation. Reduced access to
the bond markets incidentally
made it more difficult For the
banks to keep their own sub-
ordinated loan capital growing
in line with the inflationary
increase in their book, while.
US. banks have been starred of
new equity for as long as their
Shares have been languishing
way below book value.

Over the last couple of ypars.
the more thinly-capitalised
among, the banks have been un-
able or at least unwilling to
provide fully for potential loan
losses. What is happening now
is that U.S. interest rates have
stayed up for longer than
seemed possible, while the re-
cession has deepened- In these
circumstances potential losses
have a nasty habit of becoming
actual. To give some hint of
the scle of the problems, the
loan loss provisions of the
Canadian chartered banks are
up by 50 to 75 per cent in the

six months to April

In the UK a few medium-steed
quoted companies have gone
bankrupt, but posT-mortwns
have typically centred on tec
question or whether the banks
behaved property in putting. in.
the receiver. With companies
such as Massey-Fergusoo and
AEG. discussions of That kind
would look, academic; AEG has
overall bank debt and guaran-
tees outstanding of about
DM 6bn.

Palliative

The problem for the central
banks — who have stood by
while things have gone from
bad to worse — is to retain
confidence in the banking
system while underlining the
need for prudential discipline.
To react to market scares by
injecting enormous sums of
liquidity is only a palliative
The failure of a few small
banks can convey a salutary
warning, and given the frag-
men ted nature of U.S. banking
it does not necessarily signal a
general crisis in the system.
Large institutions are entirely
different, because the network ;
of interhank deposits would
make it almost impossible to
contain the knock-on effects.

Recent, worries in the market
seem to have been largely con-
fined to secondary transactions.

It does not matter too much if,
as happened last week, the
quoted bonds of some banks
take a hammering. The real
problem comes when on inter-
national bank finds it cannot
raise money from its peers, who
tend to be better informed j
about bank solvency than any-
body. And there is a vital
distinction between technical
insolvency — a concept well
understood in the U.S. insur-
ance industry, sitting on huge,
unrealised losses in its bond
bonk, . but with a tolerable cash
flow— and the inability to pay
next week’s wages.

It is in the nature of markets
to over-react to difficulties that
they may previously have
ignored. And although there has
certainly been a loss of confi-
dence— so far on a limited scale
—there does not yet seem to be
any doubt about tbe ability of
the regulatory authorities to
keep the situation under con-
trol. The question of confidence
is absolutely crucial, and if
Inst week’s jitters continue, the
central banks cannot afford to
be complacent about the
market’s fears. Statements by
individual banks reaffirming
their own solvency do no good
at all; what is needed is the
soothing voice of the Federal
Reserve.

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